Expense entry as on 31st Dec 2016 Rent A/c Dr To Vendor A/c Cr (Payable in Mar 16)Prepaid Exp Entry Prepaid Rent Exp A/C Dr To Rent Exp A/C Cr (Should be amortised in 3 months)Entry At the time of Bank payment to Vendor in Mar 17 Vendor A/C Dr To Bank A/c Cr Was th...
Willow Rentals purchased office supplies on credit. The general journal entry made by Willow Rentals will include a: A.Debit to Accounts Receivable.B.Credit to Accounts Payable.C.Credit to Willow, Capital.D.Debit to Accounts Payable.E.Credit to Cash....
False. A payable involves a future receipt of cash. True or False. In recording the adjusting entry for accrued taxes, both accounts involved are increased. A. True B. False Amortization of a discount or premium should be reported on the income statement for held-to-maturit...
What Is Traverse? Traverse is ERP software with an integrated accounting system, designed to meet your accounting, manufacturing, distribution, customer relationship management (CRM), and enterprise resource planning (ERP) needs. The accounting application modules include general ledger, accounts payable,...
Review and approve batches (optional) If the Manager Approval of Input option is enabled in the Accounts Receivable or Accounts Payable constants, the system changes the batch status to pending when you successfully generate the billing edit register. You must approve batches that are in a pending...
For the following account, determine whether the account increases with a debit or a credit: Bonds Payable. Which of the following doesn't correctly describe a journal entry which debits rent expense and credits prepaid rent? a) It increases e...
c. cash payments journal Prepaid rent: Prepaid rent is the amount which is paid by the business to the tenant before the actual rental period. It is the amount considered as the short term asset of the business and it is disclos...
A) Capital Stock B) Prepaid Rent C) Dividends D) Accounts Payable Accounts Closed At Year-End There are four types of accounts that are closed at year-end as part of the closing process. These entries include income statement accounts such ...
In a journal entry, a debit decreases which of the following accounts? A. Cash B. Accounts Payable C. Supplies Expense D. Both A and C Which of the following accounts normally has a credit balance? A. Notes Payable B. Divi...
The purpose of a closing entry is to make an account balance equal zero. Now, let's discuss each alternative: a. prepaid rentNo, prepaid rent is... Learn more about this topic: Closing Entries | Definition, Examples...