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What is the journal entry to reverse an accrued expense?
Payable Account XXX Expense Account XXX
How do you record a journal entry to reverse the expense booked?
debit cash / bank / accounts payablecredit expense account
Is reversing entry optional?
Normally no; however, if you accrued an expense at the end of a period and you had still not paid or recived an invoice for that expense at the end of the next period, you would not reverse the accrual.
What are some examples of disadvantages to reverse mortgages?
Disadvantages to reverse mortgages include their complexity, their (relatively) high expense when factoring in fees and closing costs, and paying for insurance premiums.
If you stand upside down long enough does your eyesight eventually reverse on its own?
no
What is the accounting treatment of overdepreciated assets?
You need to reverse the entries for excess depreciation - Debit Accumulated Dereciation and Credit Depreciation Expense
How can I reverse a Zelle payment through Chase?
To reverse a Zelle payment through Chase, you need to contact Chase customer service as soon as possible and provide them with the details of the transaction. They will assist you in initiating a request to reverse the payment.
What customer's check for payment on account is recorded and deposited in the bank. The bank returns the check because of insufficient funds. The proper entry would?
When a customer's check is returned due to insufficient funds, the company should reverse the initial entry that recorded the deposit. This involves debiting the cash account for the amount of the check and crediting the accounts receivable account for the same amount, indicating that the customer still owes that money. Additionally, if there are any bank fees associated with the returned check, those should also be recorded as an expense.
How do you reclass an expense reclassification with a negative amount?
To reclass an expense with a negative amount, first identify the original account where the negative expense was recorded. Then, create a journal entry that debits the appropriate expense account to reverse the negative amount and credits the new account to which you want to reclassify the amount. Ensure that the reclassification aligns with your accounting policies and maintains accurate financial reporting. Finally, review the entries for accuracy before posting.
Can you reverse a credit card payment?
Yes, it is possible to reverse a credit card payment through a process known as a chargeback. This typically occurs when a customer disputes a transaction with their credit card issuer, who then investigates the claim and may reverse the payment if it is found to be valid.
How many words can you make out of customer service?
vice reverse ice see costume motor rice rest voice
Can eventually counteract the acceleration from?
Yes, eventually increasing drag or applying a reverse force can counteract the acceleration from an object in motion. This can slow down or stop the object's movement over time.
