Preparation of the Bank Reconciliation Statement A bank reconciliation statement is a document that compares the cash balance on a company’s balance sheet to the […]
Revenues Revenues are the income generated from normal business operations and include discounts and deductions for returned merchandise. It is the top line or gross […]
Preparation of adjusted trial balance Preparation of adjusted trial balance is prepared by creating a series of journal entries that are designed to account for […]
Types of adjusting entries Types of adjusting entries are required at the end of each fiscal period to align the revenues and expenses to the […]
Cash versus accrual basis of Accounting Accrual accounting means revenue and expenses are recognized and recorded when they occur, while cash basis accounting means these […]
Normal Account Balances The debit or credit balance that would be expected in a specific account in the general ledger. For example, asset accounts and […]
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