yes
In accounting, interest and other expenses are neither; they are a contra-equity account. This means that as expenses increase, the owners have less equity. Expenses should normally be treated as a debit account, so as you record interest expenses, you should be crediting either an asset or a liability at the same time.
There are many different interest rates available for an eSavings account. The rate of an eSavings account will largely depend on where one chooses to bank at.
Yes, prepaid expenses should be a nominal account. Prepaid expenses are not assigned to a particular organization, but rather a category.
For one to find a high interest savings account, check with local banks. Every bank has different interest rates find one that best suits the customer and set up a account.
Depends on the countries, current account interest rates can be different. For example, one bank can have a 0.35% where other bank has a rate of 0.5%.
the four subdivision of owner's equity are: Capitals Withdrawls Expenses Earnings (Revenues) DO NOT MISTAKEN ACCOUNT PAYABLES & RECEIVABLES AS BEING EXPENSES AND EARNINGS or REVENUES :)
the four subdivision of owner's equity are: Capitals Withdrawls Expenses Earnings (Revenues) DO NOT MISTAKEN ACCOUNT PAYABLES & RECEIVABLES AS BEING EXPENSES AND EARNINGS or REVENUES :)
When your expenses are more than your revenues, the revenue account will be a debit balance. You have lost money!
When your expenses are more than your revenues, the revenue account will be a debit balance. You have lost money!
Deferrals are either prepaid expenses or unearned revenues. Adjustments are made for deferrals to record the portion that represents either the expense incurred or the revenue earned. An adjustment for prepaid expenses increases an expense and decreases an asset account. An adjustment for unearned revenue increases a revenue account and decreases a liability account. Accruals are either accrued revenues or accrued expenses. Adjustments are made for accruals to record revenues from services performed that have yet to be collected. An adjustment for accrued revenues increases an asset account and increases a revenue account. An adjustment for accrued expenses increases an expense account and increases a liability account.
In profit and loss account normally list all in the revenues and expenses and profit or loss for any particular fiscal year of company.
In accounting, interest and other expenses are neither; they are a contra-equity account. This means that as expenses increase, the owners have less equity. Expenses should normally be treated as a debit account, so as you record interest expenses, you should be crediting either an asset or a liability at the same time.
A debit to an equity account, or in this case an expense account, will increase the expense account. An increase to this account means the more expenses you have. The more expenses mean the less money you earn and therefore you make less money in your income statement because revenues - expenses = income
A cash interest expense is a cash amount that accrues interest. These types of expenses vary depending on the type of account and the money present in the account.
Income summary account
Income Summary Account
5500