Business accounting can be done by one person in the business, an accounting firm, or a team. Business accountants are responsible for analyzing the business’s financial health, and informing https://www.pinterest.com/enstinemuki/everything-blogging-and-online-business/…
The original sales journal entry is the same as the periodic inventory system. So you give them a discount of 20% to make up for the inconvenience, making the final…
Sub-ledgers (subsidiary ledgers) within each account provide additional information to support the journal entries in the general ledger. Sub-ledgers are great for accounts that require more details to review the…
These accounts play an important role in maintaining the balance and accuracy of a business’s financial records. The above entry debits the Drawings Account and credits the Cash Account, indicating…
Variances are the differences between the actual and the budgeted or expected costs, and they can be favorable or unfavorable. Favorable variances indicate that the actual costs are lower than…
After almost a decade of experience in public accounting, he created MyAccountingCourse.com to Accounting Periods and Methods help people learn accounting & finance, pass the CPA exam, and start their…
Many businesses take this into account when deciding to offer a mail-in rebate. Knowing in advance that only a certain proportion of customers will take the cash back, companies can…
Learn more about each of these transactions by taking a look at our compound journal entry examples below. If you use double-entry bookkeeping, you will more than likely need to…
While joint checks and joint check agreements are common in the construction business, these agreements can actually be entered into... Bankruptcies in the construction industry are unfortunately very common. What…
Similarly, businesses in sectors like energy or commodities, where asset prices can vary widely, use MTM to reflect current values on their balance sheets, offering a clearer financial picture. Let’s…