hat should be the entry when recording advance payment to procurement service for disbursement check?a.Debit: Various expense; Credit: Cash-MDS, Regularb.Debit: Due to officers and employees; Credit: Cash-MDS, Regularc.Debit: Advances to...; Credit: Cash-MDS, Regulard.Debit: Due from NGAs; Credit: Cash-MDS, Regular
Question
hat should be the entry when recording advance payment to procurement service for disbursement check?a.Debit: Various expense; Credit: Cash-MDS, Regularb.Debit: Due to officers and employees; Credit: Cash-MDS, Regularc.Debit: Advances to...; Credit: Cash-MDS, Regulard.Debit: Due from NGAs; Credit: Cash-MDS, Regular
Solution
The correct entry when recording advance payment to procurement service for disbursement check should be:
c. Debit: Advances to...; Credit: Cash-MDS, Regular
This is because when you make an advance payment, you are essentially creating an asset (the service or goods you will receive in the future). Therefore, you debit the "Advances to..." account to increase it. On the other hand, you are decreasing your cash asset, so you credit the "Cash-MDS, Regular" account.
Similar Questions
What should be the entry when recording the grant of cash advancefor disbursement check?a.Debit: Due from NGAs; Credit: Cash-MDS, Regularb.Debit: Advances to...; Credit: Cash-MDS, Regularc.Debit: Various expense; Credit: Cash-MDS, Regulard.Debit: Due to officers and employees; Credit: Cash-MDS, Regular
In recording cash advance for payroll under granting, the entry should be?a.Debit: Salaries expense; Credit: Due to Philhealth/SSS.Pag-ibig, Due to officers and employeesb.Debit: Due to officers and employees; Credit: Advance FOR...(Payroll)c.Debit: Advances FOF payroll; Credit: Cash-MDS, Regulard.Debit: Due to officers and employees; Credit: Expense (salaries and wages)
If a business received cash in advance of services performed and credits a liability account, the adjusting entry when the services are performed will be a debit to Revenues Received in Advance account (or unearned revenue) and a credit to: Group of answer choices Cash. Service revenue. Prepaid expense. Accounts receivable.
An item that represents the advance payment received by the firm for services to be rendered in the future is *a. unearned revenueb. accrued revenuec. accrued revenued. prepaid expense
When recording liquidation for local travels, the journal entry should be?a.Debit: traveling expense-local; Credit: advances to officers and employeesb.Debit: Due to officers and employees; Credit: Expense (salaries and wages)c.Debit: advances to officers and employees; Credit: Cash-MDS, Regulard.Debit: Due to officers and employees; Credit: Advance FOR...(Payroll)
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.