What accounts are used to account for meal expenses during a meeting?
The meal expenses incurred during the meeting are accounted for as administrative expenses-meeting expenses-meal expenses. Administrative expenses are period expenses and are recognized as loss or gain in the period in which they are incurred, which is a profit and loss account.
Administrative expenses include:
Corporate expenses, employee education expenses, business hospitality, taxes, technology transfer fees, amortization of intangible assets, consulting fees, litigation costs, amortization of start-up costs, contributions to the higher management fees, labor insurance premiums, standby insurance, board of directors' dues, audit fees for the financial report, start-up costs incurred during the preparatory period, as well as other administrative expenses.
Enterprises should be through the "administrative expenses" account, accounting for administrative expenses incurred and carried forward. The debit side of the account registers the management costs incurred by the enterprise, the credit side registers the end of the period transferred to the "profit for the year" account of the management costs, after the carry-over of the account should not have a balance. This account by the management of the cost of the expense items for detailed accounting.
Accounting entries for meal expenses during the meeting
Borrow: administrative expenses-meeting expenses-meal expenses
Credit: cash on hand/bank deposits, etc.