Bookkeeping
Learn how to record the bank service charges journal entry correctly. Understand the debit and credit rules and see clear accounting journal examples. This is a crucial step for accurate bank reconciliation and financial reporting, ensuring you properly account for every bank service charge expense.
Bookkeeping
Learn the importance of bank reconciliation and how to resolve common bank reconciliation errors. This step-by-step guide provides clear bank reconciliation journal entry examples for fees, interest, and NSF checks, ensuring your financial records are accurate.
Bookkeeping
Mastering accounting for prepaid insurance is essential. Learn how to record prepaid insurance as a prepaid expense asset, perform the initial journal entry, and execute necessary prepaid insurance adjusting entries to accurately reflect the expense on your balance sheet.
Bookkeeping
Understand accrual accounting basics and how to record accrued salaries. This guide details the accrued salary journal entry process, providing clear adjusting entries for accrued salaries and practical accrued salaries examples. Learn the wages payable journal entry today.
Bookkeeping
The general ledger is the backbone of general ledger accounting. Discover the types of general ledger accounts, including the nominal ledger and private ledger. Learn the essential general ledger format and master double-entry bookkeeping to accurately record transactions.
Bookkeeping
Accrued revenue entries are essential for accurate financial reporting under accrual accounting basics. Learn the proper journal entry for accrued revenue, understand revenue recognition principles, and discover how to record revenue earned but not received with practical examples.
Bookkeeping
Understand the difference between prepaid insurance vs insurance expense. This guide simplifies accounting for prepaid insurance, showing you the initial journal entry and the crucial prepaid insurance adjusting entry required by accrual accounting.
Bookkeeping
Unearned revenue is a crucial liability. Learn the unearned revenue definition and understand why is unearned revenue a liability. This guide provides essential unearned revenue journal entries and clear adjusting entries examples, showing you exactly how to adjust unearned revenue for accurate f...
Bookkeeping
Adjusting entries are essential for accurate financial reporting. Learn the purpose of adjusting entries in accounting, including handling accruals and deferrals, and review key examples of adjusting entries to ensure your financial statements comply with GAAP.
Bookkeeping
Unlock the secrets of financial record-keeping. This guide covers general ledger accounting for beginners, detailing the essential general ledger account types and providing practical steps on how to prepare a general ledger using double-entry accounting and understanding debits and credits.
Assets
Learn the essential steps for creating the adjusting entry for depreciation. Understand the calculation, the correct journal entries for depreciation, and how accounting for accumulated depreciation ensures accurate financial reporting.
Assets
Learn the essential process of adjusting journal entries for inventory. Understand inventory shrinkage, the difference between periodic vs perpetual inventory, and how proper inventory accounting ensures accurate financial statements. Includes a practical inventory journal entry example.
