By Jeffry R. Haber
For brand spanking new scholars of accounting, entry-level accounting execs, and company execs whose personal paintings relates on to the numbers at the ledger, a simple figuring out of middle accounting capabilities and files is necessary. Accounting Demystified presents an easy and easy description of common components of the accounting method, plus obtainable tutorials in growing, analyzing, and utilizing monetary statements. Haber's transparent language will enable readers: * comprehend accounting fundamentals * locate blunders speedy * arrange actual monetary statements * study monetary records * ensure the monetary wellbeing and fitness of a enterprise * organize a monetary prospectus for strength traders and creditors From the study room to the again room to the board room, Accounting Demystified serves as a useful primer at the fundamentals of accounting and the needs they serve."
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Some Examples A couple of examples may make things clearer. What follows is a list of transactions, followed by the entries that would be made. 28 Accounting Demystified On January 3, 2002, the company receives $1,000 for services rendered: 1/03/02 Cash 1,000 Revenue 1,000 To record payment for services On January 25, 2002, the company pays rent of $200: 1/25/02 Rent expense Cash To record rent expense 200 200 On February 18, 2002, the company provides services and bills the customer $1,200: 2/18/02 Accounts receivable 1,200 Revenue 1,200 To record services rendered and billed On April 7, 2002, the company pays salaries of $2,000: 4/07/02 Salary expense Cash To record salary expense 2,000 2,000 On May 4, 2002, the company receives the money that it is owed for the services provided: 5/04/02 Cash 1,200 Accounts receivable 1,200 To record payment on account 29 Making the Entries On June 28, 2002, the company receives a bill for repairs done to some equipment in the amount of $850: 6/28/02 Repair expense Accounts payable To record bill for repairs 850 850 On July 1, 2002, the company is prepaid $1,000 for services to be provided: 7/01/02 Cash 1,000 Unearned revenue 1,000 To record prepaid services On July 14, 2002, the company provides $500 of the services that were prepaid on July 1: 7/14/02 Unearned revenue 500 Revenue 500 To record services provided Summary This chapter took specific instances of transactions that occur frequently in business and translated these transactions into journal entries.
This is an example of a deposit in transit, which is a deposit that the company includes as part of its cash balance but that the bank has not yet included. There may also be items that are part of the bank balance that have not yet been recorded in the company’s checking account. Common examples of this are service charges, bank fees, interest added to the account, and wire transfers (deposits), which are common among companies that accept credit and debit cards. There are three ways to prepare the bank reconciliation: 1.
The difference between the full amount and the amount owed is the amount still owed by the customer. Let’s say that the customer paid $1,200 instead of the full balance. The entry to record the receipt of the $1,200 would be: XX/XX/XX Cash 1,200 Accounts receivable 1,200 To record payment on account Control Account/Subsidiary Ledger If business is going well, you can imagine that a company could have a lot of customers, and therefore a lot of accounts Accounts Receivable 43 receivable. If it were your company, you would want to keep track of what each customer owed you so that you could make sure that your customers were paying promptly.