Study tips: Ways to balance a T account

by | Dec 24, 2021 | Bookkeeping

Accounts Payable has a debit of $3,500 (payment in full for the Jan. 5 purchase). You notice there is already a credit in Accounts Payable, and the new record is placed directly across from the January 5 record. It is a good idea to familiarize yourself with the type...

Accrued Interest Income Journal Entry

by | Jul 14, 2021 | Bookkeeping

To ensure accurate financial statements, the journal entry for interest accrued must be made. Accrued interest is the accumulation of interest that a borrower owes for “time value” on a loan from the beginning of the term. For example, if an individual borrows $2,000...

Best Accounting Software for Small Businesses

by | May 3, 2021 | Bookkeeping

Instead, whenever you debit or credit an account, you’ll have to manually create an entry. If you log more than a few transactions a month, the lack of automation adds major time and hassle—you’ll want the $40 a month (or $50, billed monthly) Professional plan...