Daybook Accounting Website Link Daybook Accounting: In accounting, a daybook (also known as a journal) is a primary record where daily transactions are initially recorded. It serves as the first step in systematically documenting accounting transactions. The daybook serves as the initial recording location for transactions before they are transferred to the general ledger… Read More »
A debit entry in cash book journal For instance, when a company uses cash to acquire office supplies, it would record a debit entry in the cash book journal to decrease the cash account (an asset) and reflect the expense incurred. It is a mandatory entries for making balance sheet. For instance, when a company… Read More »
Prepaid exp. vs. Accounts Receivable Prepaid expenses and accounts receivable are both important financial concepts in accounting, but they represent different types of transactions. Prepaids expenses It refers to payments that a company makes in advance for goods or services that it expects to receive in the future. For example, if a company pays… Read More »
The journal entry accrued interest The journal entry for accrued interest will depend on the specific circumstances of the transaction. However, in general, the journal entries for accrued interest is: Debit: Interest Expense Credit: Interest Payable To visit https://www.mca.gov.in This journal entry records the interest expense that has been incurred by the company but has… Read More »