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  2. Adjusting entries - Wikipedia

    en.wikipedia.org/wiki/Adjusting_entries

    In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting .

  3. IAS 10 - Wikipedia

    en.wikipedia.org/wiki/IAS_10

    IAS 10 requires an entity to adjust the amounts recognised in its financial statements to reflect adjusting events after the reporting period. [7] For instance, the settlement after the reporting period of a court case that confirms that the entity had a present obligation at the end of the reporting period. [8]

  4. Bad debt - Wikipedia

    en.wikipedia.org/wiki/Bad_debt

    The portion of the account receivable that is estimated to be not collectible is set aside in a contra-asset account called "allowance for doubtful accounts". At the end of each accounting cycle, adjusting entries are made to charge uncollectible receivable as expense. [8]

  5. Accounts receivable - Wikipedia

    en.wikipedia.org/wiki/Accounts_receivable

    Accounts receivable are classified as current assets assuming that they are due within one calendar year or financial year. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry.

  6. General journal - Wikipedia

    en.wikipedia.org/wiki/General_journal

    A general journal entry would typically include the date of the transaction (which may be dispensed with after the first entry of the day), the names of the accounts to be debited and credited (which should be the same as the name in the chart of accounts), the amount of each debit and credit, and a summary explanation of the transaction ...

  7. How Accounts Payable Are Recorded on a Balance Sheet - AOL

    www.aol.com/accounts-payable-recorded-balance...

    In contrast, accounts receivable are considered an asset. That’s because accounts receivable represent funds other companies owe the organization. Suppose a souvenir company purchases $1,000 ...

  8. Revenue recognition - Wikipedia

    en.wikipedia.org/wiki/Revenue_recognition

    In accounting, the revenue recognition principle states that revenues are earned and recognized when they are realized or realizable, no matter when cash is received. It is a cornerstone of accrual accounting together with the matching principle .

  9. Controlling account - Wikipedia

    en.wikipedia.org/wiki/Controlling_account

    In common use, control accounts refer to those that would, under ideal circumstances, balance to zero. For example, an inventory control account will hold the balance amount between a stock account updated by stock transactions on the balance sheet and the value of stock on hand multiplied by its unit cost.