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 a prepaid expense?

A: Expenses means the amount spent for running the business or earning the profits. But when the…

Q: What is the fees earned and net income of this income statement?

A: Net income is the excess of revenue over expenses. Net income is calculated under income statement…

Q: In what instances do you use unearned revenues and prepaid expenses?

A: Assets are the items owned by the firm or individual. It is calculated by summing up all the items…

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 income & expenditure and Receipts & payment? Draw the format with example? What is the…

A: Income and Expenditure Account: Its a summary of all incomes and expenditures of current accounting…

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: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: What are prepaid expenses

A: Prepaid Expense: Prepaid expense refers to the expense made for the service prior to the consumption…

Q: How much income should be declared by Junnel?

A: When creditor foregoes part/full claim and the creditor also pays cash, then these 2 are considered…

Q: Calculate Receipts from customers, payments to suppliers, payments for expenses, drawing

A: Cash received from customers shows how total amount has been received from the customers in the…

Q: what is accounts payable?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: how do you calculate the net income

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: Explain an example of prepaid expenses.

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

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

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: Receivable Fees Earned Rent Expense Telenhona Exnense

A:

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

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: How to calculate revenue?

A: Money earned by selling products produced or purchased is called sales revenue. Ideally revenue is…

Q: What is a purchase return? How does a purchase allowance differ from a purchase return?

A: Purchase return: Purchase return refers to return of merchandise or goods purchased by customers to…

Q: What is Receipt and Payment Account? How is it different from Income and Expenditure Account?

A: Receipts and payment account is a real account. This account is a summarised cash book which…

Q: if a customer owes interest on a bill, accounts receivable is debited, and interest expense is…

A: Accrued interest receivable: the accrued interest receivable means the interest income of a company…

Q: How to compute the amount of net income or net loss

A: Net Income or net loss is computed by preparing the income statement.The first step in computing the…

Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…

A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…

Q: Is a Microsoft subscription considered as a prepaid expense? Also, if it's considered or recorded…

A: Prepaid expenses are those expenses which are paid in advance for future period of time. This is a…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger Prepaid…

A: We have to indicate whether Prepaid Rent appears in general ledger of subsidiary ledger.

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: What type of account is accrued income

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: what is accounts payable?

A: What is accounts payable?

Q: Rent and Rates Account

A: Figures in € Rates Prepaid 2000 Rent Accrued 4000 Rent Paid 6000…

Q: Define prepaid expenses and provide at least two examples

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

Q: Do adjusting entries affect income statement accounts, bal-ance sheet accounts, or both? Explain.

A:

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

Q: Does Rent Revenue go under sales or under other income and expenses?

A: Income statement:   In this statement the financial records of the company's monetary performance is…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

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

Q: Is unearned income a debit or credit?

A: The Adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: Is Utilities Expense a credit or a debit or both?

A: As per accounting rules, All expenses, losses, and assets should be debited and all income, gain,…

Q: What is the relationship between the revenue and expense accounts and the owners equity account?

A: The revenue and expense accounts provide the net income or loss which would be transferred to Owners…

Q: What is the formula used to get the answers in interest expense and net income?

A: The interest expense is the amount a borrower has to pay against the amount borrowed. It is…

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…