Accounting rules are used uniformly by all entities and thus using them results in consistent and comparable financial reports. The things that come in business are kept in debit and the things that go out of business are kept in credit. Accurate and faster recordkeeping can help companies stay organized and crack deals easily. Find […]
In this instance, one asset account (cash) is increased by $200, while another asset account (accounts receivable) is reduced by $200. The net result is that both the increase and the decrease only affect one side of the accounting equation. For this transaction, the credit column will remain unchanged for this account. However, a separate …
A petty cash log can be taped to the envelope or stored with the cash so that whenever you remove or add cash you can use the form to record the date, payee, purpose, and amount. An electronic log is a digital record of petty cash transactions that is maintained using software specifically designed for […]
If you are a small business owner, you can select from a range of retail business accounting templates to get started. Accounting is a broad term that is used to define the monitoring and analysis of a certain function, in order to uphold certain set of standards for a company or organization. Each type of […]
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All three of these types have exactly the same format but slightly different uses. The unadjusted trial balance is prepared on the fly, before adjusting journal entries are completed. It is a record of day-to-day transactions and can be used to balance a ledger by adjusting entries. It is made as an attempt to prove […]