If you have employees, chances are you owe them a certain amount of wages at the end of an accounting period. If so, an adjusting entry is required in your ... |
One component of the payroll taxes you deposit with the government is FICA tax (made up of Social Security and Medicare taxes) One-half of the FICA you pay is withheld from employees; the other half ... |
Do you pay property taxes on buildings or land? Your tax payment may not be due for several months, but in reality you incur one-twelfth of your annual property tax bill every month. At the end of ... |
If you've been making monthly payments on a loan, you will probably need to make an adjusting entry in your general ... |
Typically, insurance premiums are paid when coverage begins. So if you paid for an insurance policy during the accounting period, you probably bought coverage for several months or a year in advance. ... |
Do you maintain an inventory of merchandise for sale to your customers? If so, you need to physically count the items that are in your inventory at the ... |
If you are earning interest income that will be payable sometime after the end of the accounting period, you need to make an adjusting entry in your |
At the end of an accounting period, you must make an adjusting entry in your general journal to record |
Do you extend credit to your customers? If so, do you have any accounts receivable at year end that you know are uncollectable? If you do, the end of the ... |
If your business is a corporation, and your corporation has declared a dividend payable to shareholders, the declared dividend needs to be recorded on the books. Assuming the dividend will not be ... |
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