Managing your "stuff." Practical guides for tracking physical goods, equipment, and the depreciation write-offs that follow.
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.
Assets
Is equipment debit or credit? Equipment is a fixed asset, meaning it increases with a debit. Learn the essential accounting journal entries for equipment, including purchase, depreciation accounting, and disposal, to master understanding debits and credits.
Assets
Discover what is goodwill in accounting and why this intangible asset is always a debit. We detail the goodwill calculation, the correct journal entry for goodwill, and the rules for impairment of goodwill, ensuring you know how to record goodwill in accounting accurately.
Assets
Discover what are purchases in accounting and master the rules of debits and credits. Learn to create accurate journal entries for purchases, including cash purchase journal entry example and credit purchase journal entries using accounts payable entries.
Assets
Discover "what is cost of goods sold" and why it's a crucial expense account. We break down the "cost of goods sold calculation formula," its role in the income statement, and provide a simple cogs journal entry example for mastering cost accounting.
Assets
Unravel the mystery of depreciation accounting entries. We explain what is depreciation in accounting, confirm that depreciation expense is a debit, and show you the exact journal entries for depreciation. Learn how to calculate depreciation using straight line method and understand its financial...
Assets
Is merchandise inventory a debit or credit? Understand the core principles of inventory accounting and double entry bookkeeping. Learn how to record merchandise inventory journal entries and master the accounting for inventory purchases to ensure accurate financial reporting.
Assets
Learn the essential steps for proper accounting for asset disposal. This guide breaks down the fixed asset sale journal entry, explains what is gain on sale, and provides clear examples for both gains and loss on sale accounting.
Assets
Land is a crucial long-term asset classification in accounting. Discover the specific accounting treatment of land, understand double entry accounting rules, and review essential debit and credit examples for recording land purchase and sale transactions accurately.
Assets
Understand accumulated depreciation in accounting. Learn where is accumulated depreciation on the balance sheet, how this contra asset affects net book value, and the key difference between accumulated depreciation vs depreciation expense. Master these crucial balance sheet components today.
Assets
Is accumulated depreciation an asset? No. Understand the fixed assets definition accounting uses and why accumulated depreciation is a contra-asset account. Learn the difference between accumulated depreciation vs depreciation expense and its role on the balance sheet.
Assets
Learn the essential steps for the sale of assets. This guide covers calculating gain loss on asset disposal, creating the correct journal entry for sale of fixed assets, and handling special cases like the journal entry for sale of land.
