Journal Entries Archives - Accounting Journal Entries

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 […]

Utility Bill Received, Payable Next Month Accrual Accounting Concept Under the accrual basis, expenses must be recognized when incurred, not

Gain on Sale Journal Entry Explained When a company sells an asset (e.g., equipment, vehicle, building) for more than its

When the company pays RM6,000 for 6 months in advance: Date: [Payment Date] Account Debit (RM) Credit (RM) Prepaid Rent

What Is Accrued Revenue? Accrued revenue refers to revenue that has been earned through delivering goods or services but not

In accrual accounting, accrued revenue refers to income earned but not yet invoiced or received. This happens when a company

An expense account journal entry is used to record any expenses incurred by a business, such as rent, utilities, salaries,

Factoring accounts receivable refers to selling its accounts receivable (invoices) to a third party (called a factor) at a discount

When a business collects accounts receivable, it means the company has received payment from a customer who previously owed it

Retained earnings represent the cumulative net income of a company that has been retained (not distributed as dividends) and reinvested

Accounts Payable Journal Entries Accounts payable represent amounts a company owes to its suppliers or creditors for goods or services

Revenue accounting entries are used by a business to record revenue from its operations, through the sale of goods or