Journal vs. General Ledger Website link Journal vs. General Ledger: A journal and a general ledger are two essential components of the accounting process, each serving a distinct purpose. The primary difference between them lies in the level of detail and organization they provide. A journal is the initial recording tool where transactions are first… 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 »