Accrued and Deferred Income and Expenditure Journals

The accrued and deferred income and expenditure journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of accrual and deferral transactions.

In each case the journal entries show the debit and credit account together with a brief narrative.

Accrued and Deferred Income and Expenditure Journals May 9th, 2017Team
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Accruals and Deferrals

Accrual and deferral journal entries are posted to ensure that revenue and expenditure are included in financial statements on an accruals not a cash basis.

Accruals and Deferrals September 18th, 2017Team
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Royalties in Accounting

Royalty accounts are used to record royalties paid by a licensee to a licensor for the use of a long term asset owned by the licensor.

Royalties in Accounting April 19th, 2017Team
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Adjusting Entries Examples

The adjusting journal entries below act as a quick reference, and set out the most commonly encountered situations when dealing with the double entry posting of adjusting entry transactions.

In each case the journal entries show the debit and credit account together with a brief narrative.

Adjusting Entries Examples March 23rd, 2017Team
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Balancing off Accounts

Part of the accounting cycle is to produce a trial balance, in order to do this it is necessary to balance off the ledger accounts at the end of each accounting period.

Balancing off Accounts December 6th, 2017Team
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Cash Book in Accounting

The cash book in accounting is classified as both a journal, in that it is a book of prime entry, and a subsidiary ledger as it records debits and credits. The cashbook has many different forms including single column, double column, and triple column formats.

Cash Book in Accounting February 15th, 2017Team
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Bookkeeping Journal in Accounting

The bookkeeping journal is a chronological list of accounting transactions. The journal is normally sub-divided into a number of special journals for posting similar types of transactions, and a general journal.

Bookkeeping Journal in Accounting December 19th, 2017Team
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Capital Receipts vs Revenue Receipts

Capital receipts are those which are normally non-recurring and either increase a liability account or decrease an asset account. Revenue receipts are usually recurring and are part of the normal trading operations of the business, such as the sale of goods and services.

Capital Receipts vs Revenue Receipts February 8th, 2017Team
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Relationship Between Financial Statements

The four main financial statements are the income statement, statement of retained earnings, balance sheet, and cash flow statement. All four statements are interrelated and allow the user to more fully understand the financial performance of the business through the analysis of its financial statements.

Relationship Between Financial Statements January 24th, 2018Team
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Accounting Internal Controls

Internal controls in accounting are used to reduce the risk of fraud and error in the bookkeeping and accounting system. The level of internal controls used will depend on the nature and size of the business involved.

Accounting Internal Controls January 6th, 2017Team
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