Bookkeeping

You could picture that as a big letter T, hence the term “T-account”. Normal balance, as the term suggests, is simply the side where the balance […]

A final assessment is then sent out if there aren’t any changes. Tonya Moreno is a licensed CPA with about 15 years of diversified accounting, tax, […]

Bad debt expense is something that must be recorded and accounted for every time a company prepares its financial statements. When a company decides to leave […]

In the CPG business, revenue can’t be recognized when the product leaves the warehouse. Certain processes, such as shipping, returns, and accounts receivables, must be completed before revenue […]

If a share of stock has been issued and has not been reacquired by the corporation, it is said to be outstanding. Treasury stock reduces total […]

Similarly, deposit tickets in the 3-part format include three transaction receipts in white, yellow, and pink. If you often struggle to maintain and organize financial records, […]

These less-frequent contra accounts come into play when you need to account for changes in the outstanding liabilities for your business. For example, when your company […]