Bookkeeping
Learn the essential accounting for doubtful accounts procedures. We cover the journal entry for allowance for doubtful accounts, bad debt expense journal entry, and how to calculate allowance for doubtful accounts to keep your financials accurate and compliant.
Bookkeeping
Understand accrued expenses: are they debit or credit? Discover the correct journal entry for accrued expenses, why they are current liabilities on the balance sheet, and the difference between accrued expenses vs accounts payable.
Revenue
Confused about service revenue? Discover why service revenue is always a credit based on fundamental accounting principles. See practical accounting journal entries, including deferred revenue journal entry example and accrued revenue journal entry example, to master your books.
Assets
Understand the fundamental rule: is cash a debit or credit in accounting? Cash is an asset, meaning its normal balance is a debit. Learn the debit and credit rules and see practical journal entries for cash transactions using double entry accounting.
Bookkeeping
Understand what is prepaid rent in accounting and why it's a debit. Learn how to record prepaid rent correctly using journal entries, ensuring compliance with accrual accounting basics for accurate financial reporting.
Liabilities
Understand what is accounts payable and the importance of accounts payable completeness. This guide details how to test accounts payable, manage AP documentation, and perform accounts payable reconciliation to ensure accurate financial statements and prepare for any accounts payable audit.
Assets
Learn how does bonus depreciation work for rental property improvements. Understand the current 100 bonus depreciation rules and the critical bonus depreciation phase out schedule to maximize your rental property depreciation and secure a large tax deduction now.
Bookkeeping
Adjusting journal entries are crucial for accurate financial reporting. Explore the types of adjusting entries, including accruals and deferrals, with practical adjusting entries examples. Learn how these entries ensure the integrity and impact of adjusting entries on financial statements.
Bookkeeping
Understand what is prepaid rent in accounting and why is prepaid rent an asset. Learn to record prepaid rent journal entries and the crucial adjusting entry for prepaid rent, ensuring compliance with accounting for prepaid expenses GAAP.
Revenue
Discover why sales revenue in accounting is always a credit. We break down accounting debits and credits, explain the basics of double entry accounting, and provide clear journal entry examples showing how to record sales revenue.
Expenses
Demystify accounting debits and credits for utilities payable. Discover why this liability account is a credit and learn the exact utilities payable journal entry steps required for accurate double entry accounting.
Expenses
Learn the proper rent expense classification and how to record rent expense in accounting. Discover if rent expense is an operating expense and master the journal entry for rent expense under both cash vs accrual accounting methods.
