Prepaid expenses are initially recorded during the normal accounts payable process, when a properly approved invoice or contract is paid. The prepaid expense is initially created by debiting the asset, and is offset by a credit that reduces cash. This initial step only affects the balance sheet....
A prepaid expense is an asset account that turns into an expense as the value of the asset decreases. To create a journal entry for a prepaid expense, you have to debit the prepaid expense and credit the cash account with the appropriate amount of the expense. To convert assets into expen...
The adjustment entry for prepaid expense is to DR the prepaid account and CR the expense account.暂无答案更多“The adjustment entry for prepaid expense is to DR the prepaid account and CR the expense account.”相关的问题 第1题 Part A Directions: Read the following four texts. Answer the qu...
Classify the wages expense account. a. asset b. liability c. owner's equity The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit For an airline company, what ...
In order to determine the correct profit and loss and the true and fair financial position at the end of the year, we need to account for all the expenses and incomes pertaining to the current accounting year. Thus, Prepaid Expenses, Accrued Income and I
Quite simply, XYZ Company will add $250 per month into the deferred rent expense account from January through June, then deduct $250 from the deferred rent expense account from July through December. In December, the account will show a balance of zero. Using the deferred rent expense account...
Which of the following accounts requires a debit to close the account at year-end? a. prepaid rent b. sales revenue c. unearned revenue d. wage expense Recording Closing Entries: Closing entries are recorded to updat...
What types of lighting are best for a loft conversion? The best types of lighting for a loft conversion include skylights, recessed lighting, pendant lights, wall sconces, and LED strip lighting. How can I maximize natural light in my loft conversion?
Direct Deposit:Most prepaid cards permit you to have your check, government check, or benefits check deposited legitimately onto the card. As depicted underneath, the immediate deposit highlight is very convenient and permits you to acquire aprepaid card for freeor for a little monthly expense. ...
Download the free Mobile App to effectively deal with your Netspend account, earn cashback from eligible purchases, and get a reward added to your account when a friend of yours joins. You can pick between two plans that have fluctuating expense structures relying upon your deposits. The default...