In this lesson we're going to cover the journal entry for purchasing an asset through our sample business,George's Catering. We'll first look at how this transaction affects the accounting equation and then work out the debit and credit entry. Check your understanding of this journal entry an...
This is the journal entry for when a business makes income but does not receive the payment for this straight away.Accounts receivableis recorded (this is also known asreceivablesordebtors).This is anasset accountrepresenting the amount of funds owed to us. ...
Accounts receivable are the amounts of money that customers owe to a company for goods or services that have been provided to them on credit. Accounts receivable are classified as an asset on a company's balance sheet because they represent money owed to the business. The purpose of accounts...
A contra account is an entry on the general ledger with a balance contrary to the normal balance for that categorization (i.e. asset, liability, or equity). The normal balances and impact on the carrying value are as follows: Asset → Debit Balance → Increase Asset Value Liability → Cred...
Sell a fixed asset Journal Entry Transaction Journal Entries source Need Help with the Sale of an Asset and the Correct Journal Entry is there a way to insert a line while you recording Memorize Journal entry in Quickbook Desktop? Featured...
Journal Entry Debits Credits Retained Earnings –SBC Expense1 $1.5 million APIC –Stock Options2 $1.5 million 1Calculated as 300,000 shares * $5 per share. This is an expense recognized on the income statement. It reduces retained earnings.2To balance the balance sheet, APIC for stock optio...
摘要:We develop a theory in which financial (and other professional services) firms design career structures to “sell” prestigious jobs to qualified candidates. Firms create less prestigious entry-level jobs, which serve as currency for employees to pay for the right to compete for the more pre...
An adjusting journal entry occurs at the end of a reporting period to record any unrecognized income or expenses for the period.
Journal Entry Indicators External Internal Requirements IFRS US GAAP Impairment Vs. Depreciation Key Highlights Impairment refers to a sharp decrease in the fair market value of an asset due to several internal and external factors. Internal and external factors influencing impairment are changes in the...
How to Account for Asset Disposal from Chapter 9 / Lesson 10 17K This lesson provides an overview on how to account for the disposal of capital assets. Learn about the value of an asset, as well as how to account for asset sales, retirement, an...