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Outstanding expenses in trial balance. Deducted from gross income under the head of operating expenses in income statement. Outstanding Expenses in Trial Balance If OS Expenses already appear inside the trial balance then it implies that the adjusting entry has already been posted. Outstanding wages mean that these are the wages that are yet to be clearedpaid and hence these are shown in the trial balance on the credit side while in the balance sheet on the liabilities side to be payable till these ones get paid.
If Expenses increasing youll have to debit it. Ad Download Our Trial Balance All 2000 Essential Business and Legal Templates. As they are expenses of the current year they must be debited and charged from the profit and loss of the current year.
No entries need to be passed and no adjustments need to be made. An outstanding expense is added to the respective expense in profit and loss account. Solved Example for You.
All creditors accounts Liabilities accounts Income or gains accounts will always show credit balances. The expense would show up on the income statement while the decrease in prepaid rent of 10000 would reduce the assets on the balance sheet by 10000. Download Template Fill in the Blanks Job Done.
I have taken one more example and these are the entries of the related to Outstanding Expenses. Service Supplies is credited for 900. Edit with Office GoogleDocs iWork etc.
If outstanding expenses account appears in the trial balance with credit balance it means that journal entry has been made already for outstanding expenses. It shall be shown in the balance sheet of the company under current liabilities and no adjustment is required in the Profit and loss ac. All debtors accounts Assets or Properties accounts all expenses or losses accounts will always show debit balances.
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