Telephone Charges are indirect expenses of a business. These are not just an entity's office/fax/toll-free/call centre expenses. But will also include the voice/data plan reimbursements to its employees. Nowadays, entities provide a smartphone to their employees to ensure they … [Read more...] about Paid Telephone Charges Journal Entry
Accounting
Purchase furniture journal entry
Furniture Purchases can be either Inventory or Fixed Assets to the buyer, depending on the circumstances. If the Entity is in the business of buying and resale Furniture, then the appropriate classification will be Inventory. On the contrary, if the Furniture Purchases is for the … [Read more...] about Purchase furniture journal entry
Journal Entry for Interest on Drawings
Journal entry for Interest on Drawings is to records the interest income. What's the need to record? Drawings might attract interest. Are you wondering why there is interest charge on drawings? Come, Lets explore this. Drawings are the amount that partners … [Read more...] about Journal Entry for Interest on Drawings
Salary Paid Journal Entry
Salary Paid journal entry is to record the expense and payment. That's a most frequent expense for any business. So let's learn how to record it in any accounting software. Recording journal entries seem to be rocket science until its learned in the right way. Every … [Read more...] about Salary Paid Journal Entry
Commission Receivable Journal Entry
Commission Receivable Journal Entry is to record the accrued Commission. What does commission mean? A commission is the payment made for completing a task. For instance, marketing professionals are paid a commission based on the sales value. What's the purpose of … [Read more...] about Commission Receivable Journal Entry