Unearned revenue represents income received by the organization in the reporting period but related to future reporting periods. In the composition of unearned revenue is a receipt for goods or services, the delivery of which will last a long time or... Read more
What is a cash disbursement journal?This type of journal is used to record funds coming out of your company before they are included in the general ledger. However, not every payment can be called disbursement. This term is applied to payments made w... Read more
What are adjusting entries in accounting?It’s easy to see when adjusting entries are made. They’re necessary when you want to make changes in journal entries. They are especially important if we’re talking about already recorded numbers in specific a... Read more
What are sales journals in accounting?Another widespread accounting tool is called a sales journal. The company needs this journal to track all credit sales made. After a transaction is made, all the details and results should be filled out in this j... Read more
What is a normal balance? One of the basic accounting terms is a normal balance. It’s used to describe a balance that an account should have. The balance itself can be debit or credit, whereas an account can be active or passive. The thing is that a... Read more
How to fill out W-4 for the first timeIf you’re looking for a job in the USA, you’re more than likely will have to fill out this form. It’s created by the IRS to determine the amount of taxes that they’ll need to withhold from you. Filing this form m... Read more
Social Roles and Social NormsThe study was based on the debate over whether fox hunting should or should not be banned. The study involved two separate sessions where the participants completed a pre-test and were assigned to the pro- or anti- huntin... Read more
Accounting vs. Billing Software: the Key Questions You Need to AskHow to Record Accounts ReceivableThese may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes. Outstanding advance... Read more
Adjusted balance DefinitionFor example, if there were 12 general journal entries that involved cash, there should be 12 general ledger entries that involve cash. The final value for the general ledger is the amount that is included in the trial balan... Read more
Depreciation DefinitionThe journal entry for this depreciation consists of a debit to depreciation expense, which flows through to the income statement, and a credit to accumulated depreciation, which is reported on the balance sheet. Accumulated dep... Read more
