Inventory Sale Journal Entry
When a company sells inventory, the transaction involves two key journal entries: Here’s how the journal entries work. Example Journal […]
Inventory Entries
Accounting
Goodwill Journal Entry
Goodwill is an intangible asset representing the excess value paid by a company when acquiring another business, over and above
Expenses Entries
Expense Account Journal Entry
An expense account journal entry is used to record any expenses incurred by a business, such as rent, utilities, salaries,
Receivable Entries
Factoring Accounts Receivable Journal Entries
Factoring accounts receivable refers to selling its accounts receivable (invoices) to a third party (called a factor) at a discount
Bookkeeping
Double Entry Bookkeeping in Accounting
Double-entry bookkeeping is a fundamental accounting system and ensures accuracy in financial records by recording every financial transaction in two
Accounting
Journal Entry for Collecting Accounts Receivable
When a business collects accounts receivable, it means that the customer has paid the amount owed for goods or services
Receivable Entries
Collection of Accounts Receivable Journal Entry
When a business collects accounts receivable, it means the company has received payment from a customer who previously owed it
Accounting
Freshbooks Double Entry Accounting
FreshBooks is known for its user-friendly accounting software, but it also supports double-entry accounting, an essential feature for maintaining accurate
Accounting
HOA Reserve Accounting Journal Entry
Homeowners’ Associations (HOAs) often set aside funds in a reserve account to cover future large expenses, such as major repairs,
Financial Journal Entries
Finance Lease Journal Entries
Finance lease (also known as a capital lease) is a lease in which the lessee effectively acquires ownership of the
Income Entries
Retained Earnings Accounting Entry
Retained earnings represent the cumulative net income of a company that has been retained (not distributed as dividends) and reinvested
Payable Entries
Accounts Payable and Receivable Journal Entries
Accounts Payable Journal Entries Accounts payable represent amounts a company owes to its suppliers or creditors for goods or services