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.
Similar Questions
What will be the journal entry for recording this transaction?
Returned goods to Mr. B of Rs. 500 and paid to Mr. B Rs. 4,000 in full settlement for buying goods worth Rs. 5,000.
1. Mr. B A/c Dr
Rs. 5,000
To Purchases A/c
Rs. 4,000
To Return Outwards A/c
Rs. 5,00
2. Mr. B A/c Dr
Rs. 5,000
To Cash A/c
Rs. 4,000
To Return Outwards A/c
Rs. 500
To Discount Received A/c
Rs. 500
3. Mr. B A/c Dr
Rs. 4,500
To Cash A/c
Rs. 4,000
To Discount Received A/c
Rs. 500
4. Mr. B A/c Dr
Rs. 4,000
To Cash A/c
Rs. 4,000
________ is often referred to as book of prime entry or the book of original entry.
"Each transaction is analysed into the debit aspect and the credit aspect. This helps to find out how each transaction will financially affect the business". The given statement is regarded as which function of journal?
Recording of business transactions are done in a chronological manner in ____.
“Debit all Expenses and Losses, Credit all Gains and Income” is the principle to record journal entry for ______ Accounts.
What will be the amount of credit purchases, if the opening balance of creditors is Rs.7,600; cash paid to creditors Rs.20,000; discount allowed by them Rs.500; Returns Outward are Rs.2,400; Bills payable accepted Rs.4,600 and the closing balance of creditors is Rs.9,500?
When a number of transactions on the same date or relating to one particular account/nature are recorded by means of a single journal entry, such an entry is called as ______.
Which of the option shows the correct recording of the trade discount received on purchases in the books of accounts?
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?
Important Questions from Journal Entries
Furniture for a cloth dealer is a/an
What will be the journal entry for recording this transaction?
Returned goods to Mr. B of Rs. 500 and paid to Mr. B Rs. 4,000 in full settlement for buying goods worth Rs. 5,000.
1. Mr. B A/c Dr
Rs. 5,000
To Purchases A/c
Rs. 4,000
To Return Outwards A/c
Rs. 5,00
2. Mr. B A/c Dr
Rs. 5,000
To Cash A/c
Rs. 4,000
To Return Outwards A/c
Rs. 500
To Discount Received A/c
Rs. 500
3. Mr. B A/c Dr
Rs. 4,500
To Cash A/c
Rs. 4,000
To Discount Received A/c
Rs. 500
4. Mr. B A/c Dr
Rs. 4,000
To Cash A/c
Rs. 4,000
In the case of hire purchase, assets account is debited with
Sale of furniture by a furniture dealer for cash is debited to:
According to the Double Entry System, salary paid to a clerk Ramesh is a
