Journal entry for Accounts Payable Journal Entry for Accounts Payable, The journal entry for an account payable and accounts receivable will depend on the specific transaction that is being recorded. However, here are some general examples of journal entries for these accounts: Journal entry for account payable (when a company purchases goods or services… 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 »
Books of Accounts and Financial Statements Books of accounts and financial statements are two different concepts in accounting. A books of account refer to the records maintained by a company or business to keep track of its financial transactions. These include records of all the financial transactions made by the business, such as sales… Read More »