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
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
What is an interim audit
The most frequent question that arises is What is an Interim Audit. Lets understand this concept in detail. What is an Interim Audit Interim means a period that is not a full 12 months. For example, any period like 3 months, 4 months, or 7 months will be the Interim … [Read more...] about What is an interim audit
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
