Costs in Excess of Billings on Balance Sheet
Costs in Excess of Billings Balance Sheet Treatment What It Means (Textbook Style) “Costs in Excess of Billings” appears on […]
Balance Sheet
Financial Journal Entries
ROU Asset Journal Entry
ROU (Right-of-Use) Asset – Journal Entry Under Ind AS 116 / IFRS 16 / ASC 842, when a company enters
Accrued Entries
Received Utility Bill To Be Paid Next Month Journal Entry
Utility Bill Received, Payable Next Month Accrual Accounting Concept Under the accrual basis, expenses must be recognized when incurred, not
Depreciation Entries
Equipment Depreciation Journal Entry
Equipment Depreciation Journal Entries What Is Depreciation? Depreciation is the systematic allocation of the cost of a fixed asset (such
Income Entries
Gain on Sale Journal Entry
Gain on Sale Journal Entry Explained When a company sells an asset (e.g., equipment, vehicle, building) for more than its
Prepaid Entries
A company pays RM6,000 rent for the next 6 months in advance. what is the correct journal entry?
When the company pays RM6,000 for 6 months in advance: Date: [Payment Date] Account Debit (RM) Credit (RM) Prepaid Rent
Depreciation Entries
Depreciation and Amortization Journal Entry With Formulas and Example
What Are Depreciation and Amortization? Depreciation refers to reduction in the value of tangible fixed assets over their useful life
Sales Entries
Journal Entry for Sale of Property with Closing Costs
Many businesses purchase real estate to support operations such as office buildings, warehouses, investment properties. Eventually, they may decide to
Accrued Entries
Revenue Accruals Journal Entry With Examples
What Is Accrued Revenue? Accrued revenue refers to revenue that has been earned through delivering goods or services but not
Accounting
Invoice Journal Entry with Examples
What is the Journal Entry for an Invoice? When a business sends invoice to customer, it records sales transaction. The
Accounting
Journal Entries in Accounting with Format, Rules, Types, and Examples
What is a Journal Entry? A journal entry is a record of a financial transaction in the books of accounts.
Double Entries
Double Entry for Goods and Purchases and Journal Entries Explained with Examples
🔍 What Is the Purchase Account? The Purchase Account records all goods bought for resale purposes. Even though these goods