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Are they SE or Liabilities? Are they a temporary or permanent T-account? Are they considered a debit or a credit?

First I had to do a Journal Entry for "$52,000 was paid for other expenses".
Dr. Other Expenses 52,000
Cr. Cash 52,000

What would its T-account look like?

2007-10-04 06:45:11 · 2 answers · asked by Anonymous in Business & Finance Other - Business & Finance

2 answers

Other expenses are debits. They are temporary a/cs and close off to the Income Summary. Pick any other expense you're familiar with, like admin expenses, and do the same with other expenses.

2007-10-04 17:17:33 · answer #1 · answered by Sandy 7 · 0 0

Other expenses and other income are accounts that do not pertain to the primary income and expenses of the business, and are listed under the heading, (other income and expense).

If total sales were 2,000,000. and you had rent income of 10,000., rent income would be listed under other income and expense. Your revenue is primarily from sales. The same goes for, lets say, repairs expense on the warehouse. This expense would be listed under other income and expense.

2007-10-05 10:35:39 · answer #2 · answered by fivestring46 4 · 0 0

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