What is profit or loss revaluation?

2 answers:

4 0

Revaluation is used to adjust the book value of a fixed asset to its current market value. ... If a revaluation results in a decrease in the carrying amount of a fixed asset, recognize the decrease in profit or loss

Gelneren [198K]3 years ago

3 0

Answer:

Revaluation

Used to adjust the book value of a fixed asset to its current market value. If a revaluation results in a decrease in the carrying amount of a fixed asset, recognize the decrease in profit or loss.

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Answer: Warrantly

directs manufacturers and sellers to detail the service coverage, terms, and exclusions on products.

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The actual inventory holding cost incurred by an item depends on how long it actually spends in inventory.

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4 years ago

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Chase Company has 10 employees, who earn a total of $2,200 in salaries each working day. They are paid on Monday for the five-da

UkoKoshka [18]

The adjusting entry is shown below:

Salaries expense A/c $6,600

To Salaries payable A/c $6,600

(Being salary is adjusted)

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= Total salary each day × number of days

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And for correct posting, we debited the salaries expense account and credited the salaries payable account.

<h3>What is Salary Payable and Salary Expense?</h3>

Salaries expense is how much an employee earned in salary. Salaries payable refers only to the amount of salary pay that employers have not yet distributed to employees.

Since Salaries are an expense, the Salary Expense is debited.

Correspondingly, Salaries Payable are a Liability and is credited on the books of the company.

Learn more about Salary Payable and Expenses on:

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Answer:

= goods and services purchased by