Adjusting Entries: Explanation and Types

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

Sales Journal: Definition and Examples

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

Normal balance: definition and meaning

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 p... Read more

How to fill out w-4

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

Accruals and Deferrals

For the purpose of forming the financial result of the organization's activities for the reporting period, income and expenses are differentiated between the reporting periods. Income and expenses related to this reporting period are reflected in the... Read more

What is an Income Statement

The income statement is a document that is showing information about profit (income), loss (expenses), as well as the difference between the above indicators of cash for a certain period. You can use the report to analyze changes in the volume o... Read more

Restricted retained earnings

A dividend is a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a proportion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-inves... Read more

Freshbooks Review

The work of the accounting department of any company is not only limited to storing data about the company's property and finances. The accounting law requires documentation of each accounting transaction. To comply with the law and generate accounti... Read more

What You Need to Know about Tax Season 2020

Tax season is just around the corner. For some reason, most taxpayers consult their tax professionals the week before the due date of tax paying. Try to imagine the usual scenario: last-minute efforts of collecting files, digging pertinent documents,... Read more