Tag Archives for " Journal Entries "

Journal Entry Basics

Journal entries are probably the most important part of any financial accounting class. They are the language of accounting.This is a journal entry. It describes a transaction. The entry above tells

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Cash: Bank Reconciliations

For many students, bank reconciliations are a difficult topic because most people don’t do them anymore. Twenty years ago, before debit cards and online banking, there was only one way to keep track

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Introduction to Periodic and Perpetual Inventory

What is Inventory? Inventory is an asset account composed of items a company is planning to sell to customers. In financial accounting, we deal primarily with merchandising companies. A merchandiser is

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Inventory: Returns and Allowances

What Is a Return? A return occurs when inventory is purchased and later returned to the seller. When this happens, the purchaser no longer has the merchandise. This transaction has an effect on inventory

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Inventory: Discounts

What Is a Discount? We all love discounts, but why would a business offer offer a discount on their products? Typically, a business might offer a discount to increase sales, make an unhappy customer happy

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Introduction to current liabilities

What is a liability? A liability is an obligation that the company has to another party. Typically when we think of liabilities, we think of accounts payable or notes payable, but there are many other

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