Sarah1421
Mar 10, 2013, 03:38 PM
I am new to accounting. I had a couple of questions.
1.Is the interest you pay on a note payable considered to be interest revenue?
2. Is the portion of the rent that was paid for the month from the unearned rent considered to be rental revenue?
3. If cash was paid for consulting is this considered to be consulting revenue?
4.Are you required to record a note payable to a bank in your general journal?
5. Is all of your expense for the month suppose to be used in the genral journal closing? Do you exclude any of the expenses?
6.If there is a Land, Building, and Building Depreciation account in the general ledger and they have forwarding amounts, what do you do with the previous amounts in end of the next month? I don't see any information about the salvage value, useful life, etc? How did they figure this out for the previous month? If none of this information was given for the new month what do you do with the previous month information?
1.Is the interest you pay on a note payable considered to be interest revenue?
2. Is the portion of the rent that was paid for the month from the unearned rent considered to be rental revenue?
3. If cash was paid for consulting is this considered to be consulting revenue?
4.Are you required to record a note payable to a bank in your general journal?
5. Is all of your expense for the month suppose to be used in the genral journal closing? Do you exclude any of the expenses?
6.If there is a Land, Building, and Building Depreciation account in the general ledger and they have forwarding amounts, what do you do with the previous amounts in end of the next month? I don't see any information about the salvage value, useful life, etc? How did they figure this out for the previous month? If none of this information was given for the new month what do you do with the previous month information?