Log in

View Full Version : Ask a financial accounting questions


ctvahope2005
May 11, 2012, 10:56 PM
I need to post an entry transaction to t accounts listed as "Recognized $100,000 in remaining expenses for 2010, including $25,000 in credit.

I have a debit expense of 75,000 listed as "various expenses" and a debit expense of 25,000 to an account labeled "credit expenses"
I also credited accounts payable (liability) by 25,000 and credited 75,000 to "prepaid expense" account (asset)

pready
May 12, 2012, 05:30 AM
You will debit Expenses for 100,000 with an appropriate credit entry for 100,000

Also you will debit an appropriate account for 25,000 and Credit Expenses for 25,000

Your problem in your textbook should state what accounts to use or provide you with the information to determine what accounts to use.