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Adjusting Year-End Accounts Payable April 13, 2006 If you prepare your financial statements using the accrual method, but maintain your books on a daily basis using the cash method, you do not make entries to ...

Preparing Financial Statements April 13, 2006 After you have prepared your adjusting entries in the general journal,

Balance Sheet April 13, 2006 Also called a statement of financial position, a balance sheet is a financial "snapshot" of your business at a given date in time. It lists your assets, ...

Income Statement April 13, 2006 Also called a profit and loss statement, or a "P&L," an income statement lists your income, expenses, ...

Closing Entries April 13, 2006 After financial statements are prepared, you are ready to get your books ready for the next accounting period by clearing out the

Accounting for Tax Purposes April 13, 2006 One of the most important uses of your financial records is to help you comply with federal and state tax laws and prepare tax returns. A good bookkeeping system will help make dealing with Uncle Sam ...

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