Warranty Expense are an estimated costs that entity might incur in future against sale of goods or services provided. Warranties are a common practice in the business world. Entities use warranties as way to show their quality of the products and motivate buyers to choose … [Read more...] about Warranty Expense Journal Entry
Accounting
Distribution Journal Entry
Distribution Journal Entry is to record the payment of a portion of earnings to the Members or Partners of the Entity (Partnership or LLC). Have you ever seen the Statement of Equity in a Partnership or LLC Financial Statements? The primary activity in that statement will … [Read more...] about Distribution Journal Entry
Misstatements
Misstatements are inappropriate data in the books of accounts or entirely wrong information. Hence it is an error. Example: Recording personal expenditure in company books of accounts. That's a Misstatement in the books, and it is improper recording of the transaction in the … [Read more...] about Misstatements
Creditors Journal Entry
Are you pondering about how to record the Creditors Journal Entry? Don't worry! We have got you covered. Lets peel each of the exteriors to enjoy the fruit. We will start with some basics here. Creditors fall under Current Liability Those are Suppliers of Goods … [Read more...] about Creditors Journal Entry
Contingent Assets
What are Contingent Assets? A contingent asset is a How does the Gain arise? The Gain arises from transactions or events, the outcome of which is not certain as of date. How about an example here? For example, a firm may have a legal claim against another … [Read more...] about Contingent Assets
