Accounting
Accounting

Journal Entry for Collection of Accounts Receivable

Journal Entry for Collection of Accounts Receivable Introduction In business, it is common that we make credit sales to our customers and only collect the accounts receivable at the later date. Likewise, we may need to make the journal entry for collection of accounts receivable often during each accounting period ...
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Straight Line Depreciation Journal Entry

Straight-line Depreciation Journal Entry Straight-line depreciation is the depreciation method that allocates the depreciation expense based on the fixed assets’ useful life. The company will charge the same monthly depreciation expense over the asset’s life. It assumes that the assets will be used equally over their lifetime. The concept of ...
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Petty Cash Reimbursement Journal Entry

Petty Cash Reimbursement Journal Entry Petty cash is the cash that company holds for small payments settled in the office or operation. During the day, company needs to pay for some small expenses which are not practical to ask for credit from a supplier. Company usually keep some small cash ...
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Journal Entry for Goodwill Impairment

Journal Entry for Goodwill Impairment Introduction Goodwill impairment happens when the fair value of the business is less than its book value. In this case, the company needs to make the journal entry for goodwill impairment by recognizing and recording the impaired amount in the period that it occurs. In ...
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Journal Entry for Repurchase of Common Stock and Retirement

Journal Entry for Repurchase of Common Stock and Retirement Introduction In business, the company may have surplus cash on hand and decide to repurchase the common stock so that it can retire them in order to increase the stock value if it decides to not reissue them to the market ...
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Accounting for Audit Fees (Journal Entry)

Accounting for Audit Fees Audit fees are the expenses that company spends to hire the consulting firm to audit their financial statements. Most of the company engage the audit firm to review and issue opinions for their financial statements at the year-end. In exchange for the service, those firms will ...
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