Accounting

Thus, as household size increases, more and more labour is made available for agriculture production. This evidence is made clearer in the presence of labour market failures that are common in developing countries (Norton et al. 2010). Kamau et al. reported that households are generally inefficient in terms of labour use, but their productivity and internal efficiency were seen to increase if they are linked to off-farm labour markets. Additionally, Shittu observed that increasing off-farm labo […]

A solid asset disposal plan can reduce asset management costs, provide superior services to the community, and ensure a lower tax burden for taxpayers. Accounting verifies the reasonableness of the disposal of a fixed asset. A review is done of the purchase date, the length of service and the depreciable life. If the disposal is deemed to be reasonable, the asset is removed from the fixed asset database.
If this equipment, furniture or art is sold the bill of sale should be included in the docu […]

When you receive money you wrote off as uncollectable, you must reverse the write-off entry and record the payment. Reverse the write-off entry by increasing the accounts receivable account with a debit and decreasing the allowances for doubtful accounts account with a credit.

What type of account is bad debt expense?

Bad debt expenses are generally classified as a sales and general administrative expense and are found on the income statement. Recognizing bad debts leads to an offsetting r […]

This will depend on the amount of business a company does. These errors may never be caught because a double entry system cannot know when a transaction is missing. T Accounts always follow the same structure to record entries – with “debits” on the left, and “credits” on the right. The simplest account structure is shaped like the letter T. Debits (abbreviated Dr.) always go on the left side of the T, and credits (abbreviated Cr.) always go on the right. Learn accountin […]

If you do your own bookkeeping using spreadsheets, it’s up to you to handle all the adjusting entries for your books. Adjusting entries are changes to journal entries you’ve already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. Describe the reason that accrued expenses often require adjusting entries but not in every situation. Accrued expenses is an expense that occurs during the period, but the total cost has […]

This information can be useful for improving your bottom line. Deduct the 7.65% FICA tax from the employee’s gross pay.

Here, you can directly account for your expenses and liabilities using what’s included above, and you can depict expenses by subtracting the amount withheld or eligible for taxation. First, you’ll need to register your business with the Internal Revenue Service to receive a Federal Employer Identification Number.
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