Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.…

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The equipment manufacturer would not record a sale until delivery to the shipping point; it is at this point the manufacturer would record an entry for accounts receivable and reduce…

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Have the reports that you need at your fingertips all the time with FreshBooks. In the Reports tab, you can access popular business accounting reports such as profit and loss,…

Notes payable may also have a long-term version, which includes notes with a maturity of more than one year. Liabilities are presented as line items, subtotaled, and totaled on the…

The company would credit vacation pay for the difference, $3,600, with the corresponding debit going to salaries and wage expense, as seen below in Exhibit 2. Accountants would best take…