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? 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 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 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 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 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 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.…
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…