What is the journal entry for a utility expense of $150 that has not been billed yet, but has...Question:What is the journal entry for a utility expense of $150 that has not been billed yet, but has been used?Journal Entries:Journal entries are th...
Journal EntryDebitCredit Accrued Wages $20,000 Employee Payroll $20,000 Accrued Wages Example: Employee Payroll Accounting For instance, suppose a company pays its employees on a bi-weekly basis and the date on which the two-week period starts is near the end of the month of December (and...
Accruals:Accruals are adjustments made for revenues or expenses that have been earned or incurred but have not yet been recorded in the books. For example, a business may provide services at the end of the accounting period but has not received payment yet. An adjusting entry will be made to...
For this transaction, we will record/increase the expense account by debiting it and decrease cash by crediting it. (Note: This is a simplified entry to present the payment of salaries. In actual practice, different payroll accounting methods are applied.)...
Journal Entry Debits Credits Contra-equity –Unearned (deferred) Compensation 1 $3.0 million Retained earnings –SBC expense $3.0 million We now turn to the accounting and journal entries for stock options, which are a bit more complicated. 2. Stock Options Example On January 1, 2018, Jones ...
Aside from rewards like exclusive downloads, we want, above all, to make this personal – entry to shows, backstage and other access, opportunities to spend time with the band: this is, after all, what the campaign is about – getting Shriekback to you.When we started Phase 1 of this ...
9. Journal Entry for Accounts Payable In this transaction we have an expense but we don't pay it straight away. The expense is owing. Aliabilityis thus created. When we owe our suppliers, we call themaccounts payable(orcreditors).Accounts payablerepresent the value of these debts that we ...
To make a journal entry for accounts payable, you take an invoice for inventory or services already received and debit the expense and credit accounts...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough...
the accrued interest expense must be recorded on the December income statement, and the liability for the interest payable must be reported on the December balance sheet. The adjusting entry will debit interest expense and credit interest payable for the amount of interest from Dec. 1 to Dec. ...
2. Accrual of salaries or other expenses (I find it easier to use journal entry function since I can simply reverse it the following month when the expense is actually paid. Using a Bill automatically books Dr Expense Cr Accounts Payable but I do have specific payable account for certain...