Categoria: Bookkeeping

This way, you can easily visualize your progress and stay motivated on your savings journey. These terms might sound fancy, but they’re actually quite straightforward. Debits represent increases in assets and expenses, and decreases in liabilities and equity. Examples The T account balance must be debited to increase the Cash account, since it is an…

A current liability account that reports the amounts owed to employees for hours worked but not yet paid as of the date of the balance sheet. Included are land, buildings, leasehold improvements, equipment, furniture, fixtures, delivery trucks, automobiles, etc. that are owned by the company. However, for accounting purposes the economic entity assumption results in…