Accountants record closing entries at the end of every accounting period. Closing entries transfer the revenues and expenses the company incurred during the period to the equity section of the balance ...

Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...

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When it comes to building out a balance sheet, an organization’s accounts payable come into play. As you work through a balance sheet, you’ll need to determine whether accounts payable are an asset or ...