If you publish a journal without paying the required fees, your article may not be published or may be removed from the journal. Additionally, you may face consequences such as being banned from submitting future articles or facing legal action for non-payment.
DR DIRCTOR FEES CR Bank / ACCRUALS
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Fees A/c Dr. To Cash A/c Cr.
To record advisory fees, the journal entry typically involves debiting an expense account and crediting a liability or cash account, depending on whether the fees are paid immediately or will be paid later. For example, if the advisory fees are paid in cash, the entry would be: Debit: Advisory Fees Expense Credit: Cash If the fees are to be paid later, the entry would be: Debit: Advisory Fees Expense Credit: Accounts Payable
If per instructions you are not required to file, then nothing will happen. However, if per instructions you are required to file, then the IRS may charge interest and other late fees and penalties.
Debit cash / bankCredit fee income
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Debit cash / bank / accounts receivableCredit fee income
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Bank Fees DR. Normal Expesnes Accrual Account Cr.
Required fees associated with buying a used car are sales taxes and a title fee.
Official SAT scores and application fees are required for freshman classes.