Accrual basis accounting requires your business to record revenue in the reporting period in which you earn rather than receive the revenue. Businesses that receive advance payments -- such as annual ...

In a dual entry accounting system, entries are made in debit and credit columns. Increases in assets -- the things you own -- and expenses are entered in the debit column, while liabilities -- or ...

Understand adjusting entries for accounting purposes, how they are made and what they impact. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

Closing the books on an accounting period is a lengthy and complex process. No matter how complex, it needs to start somewhere. For every company, big or small, it starts with a trial balance. This is ...

What is an Adjusting Journal Entry? an entry made at the end of an accounting period to document any unrealized income or expense during the period. Adjusting journal entries are made in the general ...