por editorgeneral | Ene 20, 2025 | Bookkeeping
The invoice (expected to be $600), however, doesn’t come in before you close the company’s books for June. To record this accrued expense in the month you received it, you would record a debit of $600 to the office supplies expense account and a credit of $600 to the...
por editorgeneral | Sep 12, 2022 | Bookkeeping
Cash-basis accounting is the simplest accounting method and does not require extensive accounting knowledge. Unlike accrual accounting, the cash-basis method only uses cash accounts, such as equity, income, expense, and (of course) cash. With accrual accounting, use...
por editorgeneral | Ago 25, 2022 | Bookkeeping
Thus, you can calculate the total variable cost of your business operations. This is one by multiplying the quantity of output with variable cost-per-unit of output. Your business has to pay fixed costs irrespective of any specific business activity. Both fixed and...
por editorgeneral | Ago 10, 2022 | Bookkeeping
Our Record Keeping for Small Business goal is to boost your confidence, establish your expertise, and help you earn your client’s trust. Does heading back to work mean giving up Social Security benefits? The answer depends on how old a person is and what...
por editorgeneral | Ene 17, 2022 | Bookkeeping
Inventory and PP&E are both considered tangible assets, meaning that they can be physically “touched”. For example, a company that purchases a printer for $1,000 using cash would report capital expenditures of $1,000 on its cash flow statement. For example, a...
por editorgeneral | Ago 19, 2021 | Bookkeeping
The balance is now $0 in the deferred revenue account until next year’s prepayment is made. Deferred revenue is common with subscription-based products or services that require prepayments. Examples of unearned revenue are rent payments received in advance,...
