The mechanical "how-to" of recording transactions. Stop guessing which account to debit or credit and keep your books clean for tax time.
Bookkeeping
Unearned revenue is a liability, not an asset. Learn the essential accounting for unearned revenue, including initial and unearned revenue adjusting entry steps. Understand why is unearned revenue a liability and review key unearned revenue examples.
Bookkeeping
Learn the essential accounting for bad debt, including how to calculate bad debt expense and its impact on the income statement. Master the journal entry for bad debt write-offs and understand how to record bad debt recovery using the allowance method.
Bookkeeping
Understand the accounting treatment for prepaid rent. Learn what type of account is prepaid rent, why it starts as a prepaid rent current asset, and the essential steps for creating prepaid rent journal entries and calculating adjusting entries monthly.
Bookkeeping
Settle the debate: Is prepaid insurance an asset? Yes, it is a current asset. Learn the definition of assets, why prepaid insurance is an asset, and master the proper prepaid insurance accounting steps for your balance sheet.
Bookkeeping
Deferred revenue is crucial for accurate financial reporting. Learn the deferred revenue definition, why it's a liability, and how to use accrual accounting to create the correct journal entry for deferred revenue. See practical deferred revenue examples and master the adjusting entries for defer...
Bookkeeping
Understand the bedrock of financial reporting. This guide covers basic accounting journal entries for beginners, explaining debits and credits rules, the double entry accounting system, and providing essential accounting journal entry examples.
Bookkeeping
Understand the purpose of adjusting entries and master journalizing adjusting entries. This guide covers all types of adjusting entries, including adjusting entries for accruals and adjusting entries for deferrals, with clear, practical examples of adjusting entries in accounting.
Bookkeeping
Understand what are prepaid expenses and why they are assets. This guide details the correct prepaid expense journal entries, amortization of prepaid expenses, and adjusting entries for prepaid expenses, ensuring accurate financial reporting.
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.
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.
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.
