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If I hire a contractor to install a roof on my business in September and the job is started in September, do I record this at the time of hire (September) or when I pay after the work is complete (October)? What if the bill arrives in September but is not paid until October when the work was complete? How does this get recorded?
Weegy: It should be recorded in October. (More)
Question
Expert Answered
Updated 10/20/2011 3:57:06 PM
1 Answer/Comment
You will record the expense in September and also credit accounts payable. Then in October you will debit accounts payable and credit cash.
Added 10/20/2011 3:57:06 PM
This answer has been added to the Weegy Knowledgebase
Do you feel that reversing entries would be used in an accrual method, cash method, or both accounting methods? Explain your answer.
Question
Expert Answered
Updated 11/1/2011 2:02:15 PM
1 Answer/Comment
Reversing entries are used in accrual accounting. Accrual accounting requires companies to record transactions as they occur. For example, purchasing an insurance policy for the next 12 months requires companies to record an asset called prepaid insurance. Other accrual entries require companies to recognize expenses prior to their occurrence. Utility bills often come at odd times during an accounting period. To accurately reflect utility expense prior to payment, companies will record an accrued expense into the general ledger. Accrual entries are simply representative of future transactions. When the real information comes in, accountants will need to reverse their accrual entries. Reversing entries will be the exact opposite of the accrual entry. For example, a utility accrual entry will debit utilities expense and credit monthly accruals. The reversing entry will credit utilities expense and debit monthly accruals to remove the entry from the general ledger. Read more: Accounting: Reversing Entries | eHow.com
Added 11/1/2011 2:02:15 PM
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