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To record legal expenses in a journal entry, you would debit the Legal Expenses account and credit either Cash or Accounts Payable, depending on whether the expense was paid immediately or is still outstanding. This entry helps to accurately track and report legal costs incurred by the business.
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What is Outstanding expenses journal entry?
Debit outstanding expensesCredit expenses payable
What is the journal entry that are paid on behalf the expenses not belong to company expenses?
There is no general entry for those expenses which are not belongs to company's normal operating business activities and no entry required.
What is journal entry of outstanding expenses?
Outstanding expenses are those which are yet to be paid in current financial year. Journal entry would be Expenses a/c dr to Outstanding expenses a/c Outstanding expenses should be crecdited because its a liability for the company.
What is the journal entry to offset cost of issuing common stock legal fees against the common equity account?
debit share capital accountcredit legal fee expenses
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
What is the journal entry for net income?
No journal entry for net income it is the difference between total expenses and total revenue and it is the balancing figure
What is the journal entry for issuing 1000000 shares of 1 par common stock in exchange for legal services?
[Debit] Legal Services expenses 1000000 [Credit] Share capital account 1000000
What is the journal entry when you receive a cash refund?
Debit cash refundCredit expenses
What is the journal entry for electricity payable?
Debit electricity expensesCredit expenses payable
What is the journal entry for deferred revenue?
As it is a advance receipt the journal entry would be cash dr. to deferred revenue
Can you show the journal entry for expenses incurred on food?
debit food expenses / meals and entertainmentcredit cash / bank
What must a journal entry always include?
a journal entry must include atleast one debit and one credit account to be a legal journal entry.
