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
Rent Paid Journal Entry
Rent Paid Journal entry results in Rent is a payment for property use. What does Properties mean? House, Buildings, Machinery, Car etc. Is there any limitation on purpose? Nope. It can fall into any of the following purpose industrial, commercial, or … [Read more...] about Rent Paid Journal Entry
Interest on Capital Journal Entry
Interest on Capital Journal Entry is similar to entry relating to an interest expenditure incurred for the entity's loans/borrowings. So, this Interest on Capital is also an expense to the business. Let me explain how this guide flows. The reason for charging interest on … [Read more...] about Interest on Capital Journal Entry
Physical Verification of Stock
Stock audits are to verify the existence, completeness and rights of an entity's goods. Most of the times, Stock Audits are associated with physical verification of stock. What's the testing approach for the Inventory Audit? The audit team performs substantive audit … [Read more...] about Physical Verification of Stock