journal entries

Tag: journal entries

Journal Entries (JEs)

See Also: Double Entry Bookkeeping Journal Entries For Factoring Receivables Accounting Principles Accounting Concepts Adjusting Entries Role of a Company Back Office Journal Entries Definition A journal entry is a recording of a transaction into a journal like the general journal or another subsidiary journal. Journal entries for accounting require that there be a debit and a

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General Ledger Reconciliation and Analysis

See also: Account Reconciliation Standard Chart of Accounts Problems in Chart of Account Design Cash Flow Statement Income Statement Subsidiary Ledger General Ledger Reconciliation and Analysis Definition Define a general ledger as the financial record of every transaction of a company. Commonly, it is referred to as the “books” of the company. In the general

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Payroll Accounting

See also: Commission Accounting PEO Arrangement Compared to Outsourcing Payroll Direct Labor Pension Plans Federal Unemployment Tax Act (FUTA) Outsourced Accounting Services Payroll Accounting is the function of calculating and distributing wages, salaries, and withholdings to employees and certain agencies. It is generally done through different documents such as time sheets, paychecks, and a payroll

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Prepaid Income Tax

In accounting, Prepaid Income Tax is defined as an asset listed on the balance sheet that represents taxes that have been already paid despite not yet having been incurred. It is also called a deferred income tax asset. Prepaid Income Tax Explanation Prepaid income tax is a form of prepaid expense. The most common reason

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Journal Entries For Factoring Receivables

See Also: Factoring Another Way To Look At Factoring Accounting for Factored Receivables Can Factoring Be Better Than a Bank Loan? Factoring is Not for My Company History of Factoring How Factoring Can Make or Save Money The What, When, and Where about Factoring Journal Entries (JEs) Journal Entries for Factoring Receivables The following scenario

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Interest Expense Formula

Interest Expense Formula Interest expense calculations involve 4 parts: Principal, Rate, Time, and Compounding. Use the following formula to calculate simple interest expense (which excludes compounding): Interest Expense = Principal X Rate X Time To calculate the compound interest rate, use the following formula: Principal X (1+ (R / N))(N X T) Where: R =

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Debits and Credits

See Also: Accounting Asset Definition Accounting For Factored Receivables Financial Accounting Standards Board (FASB) Imprest Account Accounting Fraud Prevention using QuickBooks Accounting Income vs. Economic Income Debits and Credits Definition Debits and credits, defined as the double recorded method which is the centerpiece of accounting, are used by accountants across the world. The benefit to

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Adjusting Entries

See Also: Accounting Principles Accounting Concepts Accrual Based Accounting Prepaid Income Tax Deferred Revenue Adjusting Entries Definition There are generally two types of adjusting journal entries done during the period. First, an adjusting entry can be an entry made at the end of a period. These adjusting entries record an unrecognized revenue or expense occurred

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