The journal entry accrued interest The journal entry for accrued interest will depend on the specific circumstances of the transaction. However, in general, the journal entries for accrued interest is: Debit: Interest Expense Credit: Interest Payable To visit https://www.mca.gov.in This journal entry records the interest expense that has been incurred by the company but has… Read More »
Why are prepaid expenses considered an asset? Why are Prepaid expenses considered an asset, Prepaid Expenses are consider an asset because they represent a payment made by a company for goods or services that will be receive in the future. Even though the expense has been paid upfront. It has not yet been incur.… Read More »
How are Sundry expenses treated in a balance sheet Sundry expenses are generally treated as an expense in the income statement of a business and are deducted from the revenue earned to arrive at the net income or profit for the period. They do not appear as a separate item in the balance sheet. But… Read More »
Elements of Bookkeeping Website Link Elements of bookkeeping system: It also known as the double-entry accounting system, is a method of documenting financial transactions that involves recording each transaction in two separate accounts. The system consists of four elements: Assets: Assets are resources owned or controlled by a business that hold monetary value. Examples include cash,… Read More »
