Gain on Sale Journal Entry
Gain on Sale Journal Entry Gain on sale A gain on sale is the realized profit that is recognized when an asset is sold for more than its carrying amount. The carrying amount is the purchase price of the asset…
Category Accounting
Amortization of Patent Journal Entry
Amortization of Patent Journal Entry Patent Patent costs are typically capitalized and recorded as an asset on the balance sheet, to be amortized over the useful life of the patent. This is known as a patent journal entry and is…
Asset Purchase Journal Entry
Asset Purchase Journal Entry Assets Assets are resources or items that are owned or controlled by an individual, organization, or government, and have economic value. They are recorded on a company’s balance sheet and are acquired or created to increase…
Accrued Property Taxes Journal Entry
Accrued Property Taxes Journal Entry Key Takeaways Accrued property taxes journal entry records taxes owed to local government The entry is made in the period taxes are assessed, not when paid The credit portion represents the amount of taxes owed…
Accruing Payroll Journal Entry
Accruing Payroll Journal Entry Payroll Expense Payroll expenses are the amounts earned by employees during the period, regardless of when they are actually paid. This includes salaries and wages as well as the cost of payroll taxes such as Medicare…
What Is the Journal Entry for Sales Invoice
What Is the Journal Entry for Sales Invoice? A sales invoice is an important document in accounting that records the sale of goods or services from a business to a customer. It is used to record the transaction in the…
What Is the Journal Entry for Rent Paid
What Is the Journal Entry for Rent Paid? Key Takeaways Rental expenses are operating expenses for businesses and can vary depending on location and industry. The journal entry for rent paid consists of a debit to the rent expense account…
Received Cash in Advance Journal Entry
Received Cash in Advance Journal Entry When a buyer pays the seller in cash before receiving or making a shipment, this payment method is known as received cash in advance. This term is used to eliminate credit risk for the…
Unearned Revenue Journal Entry
Unearned Revenue Journal Entry Unearned Revenue Unearned revenue is a prepayment received for goods or services that will be delivered in the future. It is a financial tool that is often used by businesses when the seller has power over…
Property Dividend Journal Entry
Property Dividend Journal Entry Property Dividend Property dividends are a form of dividend distribution that is non-monetary in nature. In contrast to cash or stock dividends, property dividends are a form of dividend payment that involves the issuing of a…
Purchase of Common Stock Journal Entry
Purchase of Common Stock Journal Entry A purchase of common stock is a transaction in which a company acquires a certain number of shares of the stock of another company. Common stock is the standard form of shares issued by…
Obtain a Loan Journal Entry
Obtain a Loan Journal Entry Loan Payable A loan payable is an arrangement in which one party lends money or property to another party in exchange for interest and the return of the property at the end of the agreement.…