Advertisement helps in marketing. It's a core indirect expenditure. What's the purpose of ads? Thanks for the new digital era! The advertising medium has undergone drastic changes in recent years due to digital marketing. This paid advertisement journal entry is … [Read more...] about Advertisement journal entry
Bought Postage Stamps Journal Entry
Posts help communicate a message from one place to another and facilitate the delivery of goods. The charges for such service are levied in the form of Stamps. So, the Sender of the Post needs to purchase Stamps depending on the PIN code and weight of the Postal Cover. The usage … [Read more...] about Bought Postage Stamps Journal Entry
What does Audit Documentation Deals with?
Audit documentation deals with the questions Audit documentation means the context of how the auditor and their team rationalize the testing performed. Work not documented means work not performed. So, such documentation shall be robust, and there should not be any scope … [Read more...] about What does Audit Documentation Deals with?
Journal Entry Testing
Journal Entry testing is a financial checkpoint. What's the purpose of this test? In other words, it's a kind of testing the GL dump with all entries for a specific period. How about an example to understand the purpose? Consider an entity that is primarily financed … [Read more...] about Journal Entry Testing
Withdrew Cash Journal entry
Cash withdrawal is a contra entry. Here, this JE involves Cash & Bank GL. Cash can be withdrawn for Personal drawings are not for business. How about an example? The owner pays his rent with office cash. It doesn't facilitate business in any way. Let's … [Read more...] about Withdrew Cash Journal entry