A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Types of Entries

Accrued Expenses
Accrued Expenses

Expense must be recorded in the accounting period in which it is incurred. Therefore, accrued expense must be recognized in the accounting period in which it occurs rather than in the following period in which it will be paid.

Accrued Revenues
Accrued Revenues

Accrued revenue is not recorded in cash basis accounting, since revenue is only recorded when cash is received from customers. The reverse of accrued revenue (known as deferred revenue) can also arise, where customers pay in advance, but the seller has not yet provided services or shipped goods.

Cash Payment/Disbursement Journal
Cash Payment/Disbursement Journal

Definition: The cash disbursements journal, also called the cash payments journal, is a journal used record and track all the cash payments or disbursements by a company. In other words, all cash outflows are recorded in the cash disbursements journal. What Does […]

Cash Receipts Journal
Cash Receipts Journal

Definition: The cash receipts journal is a special section of the general journal specifically used to record all receipts of cash. In other words, the cash receipts journal is a separate journal only used to record cash collections.

Deferred Expenses
Deferred Expenses

What is a deferred expense? The term "deferred expense" is used to describe a payment that has been made, but it won't be reported as an expense until a future accounting period. For example, a corporation might spend $500,000 in accounting, legal, and other fees in order to issue $40,000,000 of bonds payable.

Deferred Revenues
Deferred Revenues

Deferred Revenue Journal Entry A deferred revenue journal entry is needed when a business supplies its services to a customer and the services are invoiced in advance. For example, suppose a business provides web design services and invoices for annual maintenance of 12,000 in advance.

Depreciation Expense
Depreciation Expense

The accounting for depreciation requires an ongoing series of entries to charge a fixed asset to expense, and eventually to derecognize it. These entries are designed to reflect the ongoing usage of fixed assets over time.

Journal Proper/General Journal
Journal Proper/General Journal

Journal Proper or General Journal Journal Proper is mainly used for original records of a transaction which due to their importance or rareness of occurrence do not find a place in any of the subsidiary books of accounting.

Purchase Journal
Purchase Journal

Journal entries are the first step in the accounting cycle and are used to record all business transactions and events in the accounting system. As business events occur throughout the accounting period, journal entries are recorded in the general journal.

Purchase Return Journal
Purchase Return Journal

Accounting for Purchase Returns. There is need to account for purchase returns as though no purchase had occurred in the first place. Hence, the value of goods returned to the supplier must be deducted from purchases. If purchase was initially made on credit, the payable recognized must be reversed by the amount of purchases returned.

Sales Journal
Sales Journal

A sales journal entry is a journal entry in the sales journal to record a credit sale of inventory. All of the cash sales of inventory are recorded in the cash receipts journal and all non-inventory sales are recorded in the general journal.

Sales Return Journal
Sales Return Journal

When a sales return occurs, the customer physically returns the product and receives his cash back. Accounting for a sales return involves reversing (a) the revenue recorded at the time of original sale, and (b) the related cost of good.

Unearned Revenues
Unearned Revenues

At the end of the period, unearned revenues must be checked and adjusted if necessary. The adjusting entry for unearned revenue depends upon the journal entry made when it was initially recorded. There are two ways of recording unearned revenue: (1) the liability method, and (2) the income method.

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