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Prepaid Insurance Journal Entry: Definition and Example

For example, a company pays $12,000 in advance for Internet advertising that will extend through a full year. An accrued revenue is the revenue that has been earned (goods or services have been delivered), while the cash has neither been received nor recorded. The revenue is recognized through an accrued revenue account and a receivable […]

Retained Earnings in Accounting and What They Can Tell You

Shareholder’s equity section includes common stock, additional paid-in capital, and retained earnings. The income statement calculates net income, which is the balance you have after subtracting additional expenses from the gross profit. At the end of the period, you can calculate your final Retained Earnings balance for the balance sheet by taking the beginning period, […]

Top Bookkeeping Services in Boston 2023 Reviews

When you work with Acuity, you’re not just benefitting from the expertise of our team. You also gain access to our network of technologies that simplify your finances, including Xero, QuickBooks, Gusto, Bill.com, and more. Rabbi Yoni Fein, who heads a large Jewish day school in Fort Lauderdale, Florida, the Brauser Maimonides Academy, said on […]

Bad Debt Expense Overview, Reporting Methods, Significance

Now, there’s a significant downside to using the direct write-off method. COGS is used to measure the profitability of a business and can be used to make decisions such as whether or not the business should expand production or cut back on costs. When a business sells a product or service on credit, the business […]