The question above does confuse some due to the terminology used in accounting. For example, accounts payable are considered a debt of a company because they involve the purchase of goods on credit. However, in double-entry accounting, an increase in accounts payable is always recorded as a cr...
In accounting, you record receiving cash in advance for a service that is yet to be rendered by debiting cash and crediting unearned revenue. ...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough ...
Temporary accounts are used to record accounting activity during a specific period. All revenue and expense accounts must end with a zero balance because they're reported in defined periods. They're not carried over into the future. A hundred dollars in revenue this year doesn't count as $100...
Managing AP well does more than simply record liabilities; it's also an important variable used inmanagerial accountingand fundamental analysis to understand a company's financial position. AP Turnover Ratio Thepayables turnoverratio can reveal how efficient a company is at paying what it owes over...
To record a loan from the officer or owner of the company, you must set up a liability account for the loan and create a journal entry to record the loan, and then record all payments for the loan. The steps in the following sections provide guidance ...
How to Record a Sales Return for Accounting. Customers often return defective and damaged products to retailers. The difference between gross sales and net sales is the balance in the "sales returns and allowances" account. Companies account for returns
结果1 题目People in the old days relied on old accounting methods to record___.A. how much money they had B. the management of their business C. the growth of er ops and herds 相关知识点: 试题来源: 解析 C 反馈 收藏
(If the amount is expected to be repaid within one year, this account will be reported as a current asset.) If the cash advance is repaid through payroll withholdings, the routine payroll entry will record the amount withheld as a credit to Advance to Employees. This in turn results in a...
With accounting software, you can do it yourself, with all the tools you’ll need close at hand. Automatic records: As new transactions occur, accounting software will dynamically create and maintain a comprehensive record of your organization’s financial dealings to remain compliant with government...
You *could* call it prepaid expenses, but the term "prepaid" in accounting usually refers to an expense (like legal or insurance) that is paid for your OWN business in advance in increments, added to an intangible asset, then deducted from the acc...