Tag Archives for " Journal Entries "

Recording Warranty Expenses and Liabilities

What is a warranty? Most of the products we purchase come with some type of warranty. A warranty is guarantee that the manufacturer of the product will repair or replace the product for a certain period

Learn More

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

Learn More

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

Learn More

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

Learn More

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

Learn More
>