Category Archives: Bookkeeping

Supreme Court hears a case that could wreak havoc on the tax code : NPR

Still, if the Moores were to win, the federal government could be forced to pay back billions of dollars in corporate tax collections, and the effects for lots of other tax provisions could be profound. The Moores contend that they have never actually made money from their foreign investment in an Indian company. Yes, they […]

Average Collection Period Formula Calculator Excel template

For example, a drought situation in a particular soft water region may mean that authorities will be forced to supply water from another area where water quality is hard. It may lead to a surge in demand for water purifiers after a certain period, which may benefit the companies if they hold onto inventories. Businesses […]

Accounts Payable Debit or Credit normal balance

Assets on the left side of the equation (debits) must stay in balance with liabilities and equity on the right side of the equation (credits). For example, if a business takes out a loan to buy new equipment, the firm would enter a debit in its equipment account because it now owns a new […]

What Is General Ledger Accounting An Introduction

The double-entry bookkeeping method ensures that the general ledger of a business is always in balance — the way you might maintain your personal checkbook. Every entry of a financial transaction within account ledgers debits one account and credits another in the equal amount. So, if $1,000 was credited from the Assets account ledger, […]