Accrued Audit Fees Journal entry relates to the audit fees that are incurred but not paid. Hence it relates to outstanding expenses. So, that's a liability account. Audit fees are expenses charged by the audit professional against verifying and testing the books of … [Read more...] about Accrued Audit Fees Journal Entry
Commission Received Journal Entry
A Brief Discussion on Commission Received Journal Entry: The accounting treatment of the Commission Received Journal Entry is similar to any other income Journal Entry. It is an income to the entity against providing some services or making affiliate sales. How … [Read more...] about Commission Received Journal Entry
Outstanding Expenses Journal Entry
The article name, "Outstanding Expenses Journal Entry," suggests that the journal entry relates to expenses that have not been paid but incurred. Confused? Let's break it down. Business thrives based on credit allowed by its suppliers and permitted credit to its … [Read more...] about Outstanding Expenses Journal Entry
Legal fees journal entry
A legal fees journal entry isn't very different from the other expense journal entries. It's just that the name and nature of the expense is different. So, the accounting treatment is the same. What expenses constitute Legal Fees? Legal fees are the expenses relating to … [Read more...] about Legal fees journal entry
Permanent Audit File
The permanent audit file (Perm File) consists of documents or contracts of audit significance beyond the current audit period. Audit documentation is a crucial aspect of planning and performing audits. There is a saying that if the work is not documented, it's called not done at … [Read more...] about Permanent Audit File