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outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.
a company sold an equipment for $8600, but the actual book value of the machine was $8000, pass journal entry
what are golden rules of accounting.......?
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17 Answers Arvind, Capital IQ, Raymond, Su Kam,
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