A journal entry to recognize an expense must include ___ A. a credit to Accounts Payable account. B. a debit to an Expense account. C. a credit to Cash account. D. a debit to Accounts Payable account. 相关知识点: 试题来源: 解析 B 反馈...
So, wedebitthe accountsalaries, which is an expense. The expense journal entry here is: Just like with income, when we have an expense, we use the specific name of the expense, which in this case issalaries. This salaries expense will result in $4,000 less profit and $4,000 less fo...
As part of the procedure, a company will record journal entries that transfer all account balances from its income statement to the balance sheet, leaving all income and expense accounts with a zero balance at the start of the new fiscal year. This closing procedure enables a company to ...
Dr: Financing expense Cr: Accounts receivables/note receivables Inventory and cost of goods sold Journal Entry ➢Closing entries to record COGS – Periodic method Dr: COGS Dr: Inventory, ending Dr: Purchase allowance Dr: Purchase returns
Double-entry accounting systems help create the income statement by accumulating debits and credits to sales and expense accounts. When your company makes a sale, it's recorded as a credit to the sales account. In a double-entry system, there also has to be an offsetting credit. In this ca...
In the accounting process, the first step is to record the business transactions in the form of journal entries in the books of accounts. Journal entries are made using debit and credit entries where they have equal amounts for each transaction. ....
If you have set up default balancing accounts for the journal batches, the balancing account will be filled in automatically when you fill in the Account No. field. Otherwise, you can fill in the Account No. field and the Bal. Account No. field manually....
The journal entry to record depreciation expense is:A.debit Depreciation Expense, credit the asset account.B.debit Accumulated Depreciation, credit the asset account.C.debit the asset account, credit Accumulated Depreciation.D.debit Depreciation Expense,
Estimates are adjusting entries that record non-cash items, such as depreciation expense, allowance for doubtful accounts, or theinventory obsolescencereserve. Not all journal entries recorded at the end of an accounting period are adjusting entries. For example, an entry to record a purchase of eq...
Foraccountingpurposes, a journal may be a physical record or a digital document stored as a book, a spreadsheet, or data entered into accounting software. When a transaction is made, a bookkeeper records it as a journal entry. If the expense or income affects one or more business accounts, ...