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 ... |
If your business is a corporation, it is a separate entity that is required to pay income taxes. After your accountant computes the income tax liability of the corporation, an |
Did you sell any fixed assets during the year? If so, you probably need to make an adjusting entry in your |
If you prepare your financial statements using the accrual method, but maintain your books on a daily basis using the cash method, you normally do not make ... |
