BasicAccounting

Adding a fixed asset to a company’s books involves recording the purchase of long-term tangible assets such as machinery, buildings,

Here are most commonly used Business Transaction Journal Entries. Recording business transactions accurately in the journal is essential for maintaining

15 Essential Journal Entries in Accounting Here are 15 commonly used journal entries to help you understand various accounting transactions.

Here is a brief explain of Goods in transit journal entry. Goods in transit refer to items that have been

Journal entry for goods withdrawn for personal use is Drawings Account Debit because increases the drawings account, reflecting the withdrawal

Here is brief explain of goods return journal entry. Goods return involves the process of sending back goods either to

Rent paid in advance journal entry is Debit the Prepaid Rent, Because increases the prepaid rent asset account, reflecting the