What Is the Accounting Equation Formula?

This increases the accounts receivable (Asset) account by $55,000, and increases the revenue (Equity) account. The Liabilities part of the equation is usually comprised of accounts payable that are owed to suppliers, a variety of accrued liabilities, such as sales...

Law Firm Accounting: The Ultimate Guide

ContentOutsourcing Bookkeeping for Small to Medium BusinessesFour Reasons Why Solo Lawyers Need a BookkeeperCommon Bookkeeping Mistakes & How to Avoid ThemKeep an eye on trust accountingCompliance If you put your firm’s bookkeeping and accounting on the back...

Qualified Business Income Deduction Internal Revenue Service

Therefore, any amounts reported onForm W-2, box 1, other than amounts reported in box 1 if “Statutory Employee” on Form W-2, box 13, is checked, aren’t QBI. You can rebut this presumption on notice from the IRS by providing records such as contracts or partnership...

Qualified Business Income Deduction Internal Revenue Service

Therefore, any amounts reported onForm W-2, box 1, other than amounts reported in box 1 if “Statutory Employee” on Form W-2, box 13, is checked, aren’t QBI. You can rebut this presumption on notice from the IRS by providing records such as contracts or partnership...

Introduction to Preparing a Bank Reconciliation Financial Accounting

If not, add the missing deposits to your records and your total account balance. Sometimes banks make errors by depositing or taking money out of your account in error. preparing a bank reconciliation You will need to contact the bank to correct these errors but will...

Journal Entry for Cash Discount Calculation and Examples

Therefore, if the discount is allowed, the receiver receives a lesser amount than the amount due, and the payer pays less amount than what is actually due to him. Hence, it is a loss to the one receiving payment but a gain to the person paying it. We record the...