Content Transaction 7: What Is the Purpose of a Journal Entry? Accounting 101: Debit and Credits Resources for YourGrowing Business Closing entries Financial Statements How to Track Journal Entries Special journal It’s also easy to enter transactions in the wrong categories or accounts. At the end of the month, it’s time for you to make […]
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Clearly, no insurance company would sell insurance that covers an unfortunate event after the fact, so insurance expenses must be prepaid by businesses. Unexpired or prepaid expenses are the expenses for which payments have been made, but full benefits or services have yet to be received during that period. Prepaid assets are nonmonetary assets whose […]
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The accounts involved in closing journal entries are the temporary accounts for revenue, expenses and dividends, and a permanent account from the balance sheet called retained earnings. They close out either to a temporary income summary account, or directly to retained earnings. The income summary account, if used, will then be closed out to the […]
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By reducing the bond premium to $0, the bond’s book value will be decreasing from $104,100 on January 1, 2022 to $100,000 when the bonds mature on December 31, 2026. Reducing the bond premium in a logical and systematic manner is referred to as amortization. Bonds issue at par value mean that the issuer sell […]
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Content Consider the following example of farmer Jill Prepaid Expenses Cash and Accrual Income Statement True or False: Since the Accrual Income Statement reflects “true” performance then it should be used for determining taxes. Form 3115 cash to accrual In the example presented above, you would recognize the entire $35,000 negative adjustment in the year […]
Many tax changes and developments have transpired since the pandemic and the inauguration of President Biden. This webinar will discuss key tax planning strategies, developments and legislative updates you need to know to manage your tax mitigation opportunities and maximize your cash flow. We have prepared find a collection of pharmacy accounting and financial documents […]