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Are salaries considered a liability?
If an accrual is made for salaries before they are paid, that accrual would be a balance sheet (the other side of the transaction would be your salary expense). When the salaries have been paid, the liability is reduced.
What is expense accrual?
Expense accurals is a liabilites
Is an accrual a financial liability?
no
What is the entry for vacation accrual?
Debit: Vacation expense Credit: Vacation accrual
What is full accrual accounting?
Accrual accounting is a system which recognizes revenue or expense when it is earned or incurred but not when it is paid or received.
Are salaries considered a liability?
If an accrual is made for salaries before they are paid, that accrual would be a balance sheet (the other side of the transaction would be your salary expense). When the salaries have been paid, the liability is reduced.
Expenses incurred but unpaid that are recorded during the adjusting process with a debit to an expense and a credit to a liability are?
An accrual.
Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are?
An accrual.
What is expense accrual?
Expense accurals is a liabilites
Is an accrual a financial liability?
no
What is the entry for vacation accrual?
Debit: Vacation expense Credit: Vacation accrual
Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
What is full accrual accounting?
Accrual accounting is a system which recognizes revenue or expense when it is earned or incurred but not when it is paid or received.
Is rent expense a liability?
rent is an expense while outstanding rent is a liability
Is a drawing account an expense or liability?
an expense
Why does my journal entries dr and cr from 2006 and 2007 and 2008 still appear on my unpaid bills details when they have been reversed?
When you create an accrual, you pass a journal entry of:Dr ExpenseCr AccrualSo, when you pay,you reverse the effect by:Dr Accrual (as liability is being paid,so decrease in liability,a debit)Cr Cash( paying cash reduces this asset, decrease in asset, a credit)Now, you can clearly see that i have highlighted Credit of accrual in the first ntry while i have debitted in the second.this is because the liability is being settled,neutralised,so debit and credit neautralise the effect.while expense was charged in the correct period and so is the cash when paid.This is the proper reversal of entries, i don't know how you did it, but if you do the above, there's no chance that expense would appear as unpaid.
Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
