Journal Entry for Housing Loan Repayment Housing Loan or Home Mortgage A home mortgage is a loan used for purchasing a residence, which can be obtained from banks, mortgage companies, or other financial institutions. It typically features either a fixed…
Journal Entry for One-Year Insurance Policy Key Takeaways Insurance expense is the cost associated with acquiring an insurance contract and is part of the overhead cost pool. The journal entry for insurance expenses involves debiting the insurance expense account and…
Journal Entry for Livestock Key Takeaways Livestock journal entries are important for recording and tracking livestock progress, monitoring health and care, and maintaining accurate inventory valuation and revenue recording. Creating a comprehensive record is essential, including all relevant information and…
Foreign Exchange Forward Contract Journal Entry Key Takeaways A foreign exchange forward contract is an agreement between two parties to buy or sell a fixed amount of foreign currency at a predetermined rate and date in the future. It is…
Journal Entry for Meals and Entertainment Meals and Entertainment Expenses Expenditure of funds for meals and entertainment activities is an allowable expense for businesses. This is established by the Internal Revenue Service (IRS) and is only accepted for those activities…
Journal Entry for Non Cash Donation Donation This entry records the non-cash donation to a qualified charitable organization. The donation is made up of property, such as goods, services, or other assets, and is considered deductible by the Internal Revenue…
Journal Entry for Common Stock Issued Common Stock The issuance of common stock represents a form of ownership in a company. By buying common stock, shareholders become part-owners of the corporation and receive certain privileges. Common stockholders are usually entitled…
Journal Entry for Zero Coupon Bonds Zero-Coupon Bonds Zero coupon bonds are a type of debt security that do not pay any periodic interest and are sold at a discount to their face value. Investors purchase these bonds at a…
Journal Entry for Duplicate Payment Duplicate payments can occur when an organization pays for goods that have already been paid for, resulting in a financial loss. This article will discuss the journal entry for duplicate payments. In addition to the…
Journal Entry for Visa Expense Key Takeaways Visa expenses should be recorded with the expense being debited and cash being credited. The employer is responsible for covering visa expenses, which are considered employer expenses and should be covered by the…
Underwriting Fees Journal Entry Underwriting Fees Underwriting fees are costs incurred by insurance companies and investment banks for performing underwriting activities. These expenses are incurred for underwriting insurance policies and securities for IPOs respectively. Underwriting fees encompass various costs such…
Journal Entry for Grant Received Government Grant Today, our organization received a government grant for a beneficial project. The award is a prestigious one and may attract other donors or funding sources. The government has stringent compliance and reporting measures…