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Before diving into the normal balance of an account, it is essential to understand the types of accounts used in accounting. We’ve covered these in our prior lessons but we need to keep drilling these into your knowledge if you are just starting out. So for example there are contra expense accounts such as purchase… Continue reading Normal distribution Wikipedia

These types of accounts have the opposite accounting effect on your books than bank (or asset) accounts do. Because of this, the Bank Balance column for these accounts will normally be negative. What you want to look at is the Balance column and make sure that is correct (positive). However, the business enterprise will record… Continue reading Solved: Why would the Bank Balance be different than the Register Balance after a successful Reconciliation?

Therefore, an adjusting entry must be recorded as of December 31 to credit Prepaid Expenses for $1,000 and to debit Insurance Expense for $1,000. For example, assume ABC Company purchases insurance for the upcoming twelve month period. ABC Company will initially book the full $120,000 as a debit to prepaid insurance, an asset on the… Continue reading Adjusting Entry for Prepaid Expense

BF boasts a team with tax expertise of current and proposed tax laws, meaning they provide Phoenix tax services as well as tax services spanning internationally. This is backed by their association with the Leading Edge Alliance, allowing them to consult on multi-state and international tax issues. You can count on us for professional, timely,… Continue reading Online Business Accounting Degree Program