Which account is debited while recording an outstanding expense?
Concerned expense account
The correct answer is option 1. When an outstanding expense is recorded, the "Concerned expense account" is debited because it reflects the unpaid expense that is yet to be settled. It will also be credited to the respective liability account until paid.
Important Questions from Journal Entries
Returned damaged office stationary and received Rs 10,000. The account to be credited is ______.
What will the entry for cash sales of Rs 2500?
In case the purchasing company agrees to act as the agent of the vendor for collection of the book debts, in the books of the purchasing company, the amount of debtors should be credited to
M/s Stationery Mart will debit the purchase of stationery to :
It is given in adjustment that during the accounting year, the trader distributed goods worth ₹5,000 as free samples. While preparing Final Accounts, this will be shown in
