Bookkeeping

Let’s say that your business offers printing services to schools. One school requested 50 flyers for their upcoming school dance and they made a deposit. Simply...

A contra account is subtracted from its related account on the financial statements, resulting in a net balance. This provides a more accurate representation of the...

A temporary account to which the income statement accounts https://www.magi.by/item456.html are closed. This account is then closed to the owner’s capital account or a corporation’s retained...