1 An error in the addition in the cash book 2 Failure to record a transaction at all 3 Cost of a motor vehicle debited to motor expenses account. The cash entry was correctly made 4 Goods taken by the proprietor of a business recorded by debiting purchases and crediting drawings account ...
You may have errors, even if your debit and credit columns have matching totals. For example, you may have placed an asset in the wrong category, or you may have used the wrong account to record an expense. You should also check to see that no transactions were entered twice. Examine yo...
Accrued payroll:Debit accrued wages (or wages expense) and credit wages payable to expense payroll in the proper period. Accrued payroll in cash:If you accrue payroll and then pay workers in cash, you debit wages payable and credit cash. ...
Having a card, whether a credit or debit card, further separates your business and personal finances and allows you to make every purchase related to your business with that card. Whether or not you receive a card with your account will depend on where you open your account. For example, ...
Employees can typically either use an FSA debit card to pay for qualifying expenses or receive reimbursements for eligible costs. Can employees carry money over? For the most part, the money in an FSA plan is forfeited back to your company when the year ends. However, there are two optional...
Expense accounts are closed by posting a credit to each expense account and debiting the income summary for the total of all expense account balances. True or false? Answer true or false: Expenses may come both from using an asset and/or by incurring a liability. ...
B、A credit to Cash of $350. C、A debit to various expenses of $150. D、No journal entry; an entry is needed only when the petty cash fund is created or discontinued. 点击查看答案 第8题 Question 2 If retained earnings were understated and liabilities were overstated, which of Question...
6. If an invoice for $300, dated January 27, with credit terms of 2/10, n/30, is paid on February 7, the amount paid would be: a. $294. b. $270. c . $300. d. $306. 7. On December 31, 1993, ADT Company's unadjusted trial balance included the following items: Debit Acco...