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)
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)