Journal entry 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

Equipment Depreciation Journal Entries What Is Depreciation? Depreciation is the systematic allocation of the cost of a fixed asset (such

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

What is the Journal Entry for an Invoice? When a business sends invoice to customer, it records sales transaction. The

What is a Journal Entry? A journal entry is a record of a financial transaction in the books of accounts.

🔍 What Is the Purchase Account? The Purchase Account records all goods bought for resale purposes. Even though these goods

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

Understanding the basic journal entries is essential for anyone preparing for accounting job interview. Below are common entries with examples

When a business sells goods, two important accounting entries will made: 1. Purchase of Inventory Date Account Title Debit ($)