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General Accounting Discussions: expense

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  1.  
    • CommentAuthorsarwaree
    • CommentTimeJun 19th 2008
     
    HOW CAN WE RECORD THE TRASACTOIN WHICH WE PAID FOR BUT WE DID NOT RECEIVE THE SERVICE?
    • CommentAuthoritanana
    • CommentTimeJun 19th 2008
     
    Suppose it is an Insurance policy that you prepaid for. You debit Prepaid insurance and Credit cash.
  3.  
    you can take the example of SUPPLIES which you have purchased for services.here you Debit the SUPPLIES account and CREDIT the CASH account.The Supplies will provide the services in future.
    • CommentAuthoralanzlf
    • CommentTimeJun 22nd 2008
     
    Dr,Other receiveble-Supplier name
    Cr,Cash

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