Category: Bookkeeping

Now, let’s say your asset’s accumulated depreciation is only at $8,000, but you want to give it away, free of charge. The journal entry you make depends on whether the […]

At the same time, an accounts receivable asset account is created on the company’s balance sheet. When you actually pay your bill in March, the accounts receivable account is reduced, […]

This is the first step to take in using the income summary account. The first entry requires revenue accounts close to the Income Summary account. To get a zero balance […]

For this reason, companies typically employ bookkeepers and accountants who often utilize advanced accounting software to monitor invoices and the flow of outgoing money. Interest payable accounts also play a […]

Mary Girsch-Bock is the expert on accounting software and payroll software for The Ascent. If you’re looking for powerful accounting capability, look no further than AccountEdge Pro. The cash method […]

That is, if you’re losing money, making money or breaking even. You will also prepare an annual version of the same reports after your first year. Elana Kroon used to […]

The break-even point (BEP), in units, is the number of products the company must sell to cover all production costs. Similarly, the break-even point in dollars is the amount of […]

However, there is also the possibility that the company might choose to identify long-term financing options for the acquisition of expensive, long-term assets, assuming that it can qualify for the […]