Revenue should be recognized when it is earned, regardless of the time of receiving cash. Likewise, the company should make the journal entry for the accrued rent revenue that it has earned during the accounting period. It looks like you just follow the rules and all...
We dedicate ourselves to our clients and show respect for their time, data and information. In accounting as in life, balance is always a good thing, so don't wait to start seeing the progress you've always wanted for your organization. She will personally listen,...
As well, because the books for 2022 have not yet been closed, we are able to adjust the two expense accounts, depreciation and income taxes, directly to the income statement. If, however, the books had already been closed for 2022, then these expense amounts would...
It is used to transfer totals from books of prime entry into the nominal ledger. Every transaction is recorded twice so that the debit is balanced by a credit. To further illustrate the analysis of transactions and their effects on the basic accounting equation, we...