When we get the expense bill, would we credit A/P or Utilities payable?

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: What is the difference between a bill and a payment

A: Answer: Bill and payment are two different terns that can be used for same document. The two terms…

Q: Define Prepaid rent.

A: Prepaid Expense:   It refers to the expenditure incurred by company that is paid in one accounting…

Q: What is rent receivables listed as

A: rent is made by the tenant to the owner. different is paid generally on the monthly basis but there…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: What is an income summary account? Why it is needed?

A: Income summary accountIncome summary account is a temporary account primarily used for specific…

Q: Explain an example of prepaid expenses.

A: Definition:   Prepaid expense: Expenses of future period are paid in advance. These expenses are…

Q: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

Q: how do you do paycheck calculations

A: Paycheck means the payment of the salary or wage to employee. A paycheck is a traditional document…

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

Q: What is supposed to be credited in utilities expense

A: Solution Concept When an expense has been incurred but not paid ,such expense needs to be recorded…

Q: What is rental income? Also, what are rental-related expenses? Give me some examples as well

A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…

Q: When a company purchases prepaid rent, it

A: Prepaid rent is the amount of rent which is paid by the entity in advance against which the property…

Q: Explain prepaid expenses in detail.

A: Adjusting entries are the journal entries to adjust the expense and revenue which are due but not…

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

Q: Items from the 2015 income statement, statement of retained earnings, and balance sheet of…

A: Workings: Total assets=Total liabilities+Shareholders equity$15,251=$7,183+Shareholders…

Q: In its first year of business, Rideaway Bikes has net income of $139,000, exclusive of any…

A: Under write off method, the bad debts are directly written off to expenses when they become…

Q: How do I find the credit for partial payment?

A: Discount is a selling goods or service below the price of goods. This reduction in price is offered…

Q: What is the difference between the APBO and the EPBO? What are the components of postretirement…

A: Difference between the APBO and the EPBO:Expected pension benefit obligation (EPBO): The amount of…

Q: What are sundry expenses?

A: Sometimes in business operation, a small number of various expenses are incurred and for each such…

Q: Can somone help me with cost of good chart, rent expenses chart wages expense and interest expenses.

A: Ledger accounts are used to classify the journal entry transactions into accounts like expense…

Q: What are pre-paid expenses

A: Introduction:- A prepaid expense is an asset. Which are are paid in advance.

Q: what is the Credit for partial payment knowing that information?

A: Trade discount: Trade discount can be defined as the deduction provided by the manufacturer or the…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

Q: WHAT IS THE LOAN FACILITY THAT WILL BE USED TO COVER THE DEPOSIT AND CLOSING COST

A: Credit facility Meaning: Credit facility is type of loan that is made business and corporate…