Bookkeeping

What is Meant by Credited to Your Account?

To record depreciation for the year, Depreciation Expense is debited and the contra asset account Accumulated Depreciation is credited. Equity accounts, like common stock or retained earnings, increase with credits and decrease with debits. For example, when a company earns a profit, it increases Retained Earnings—a part of equity—by crediting it. There may be no …

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What is Deferred Revenue: Definition, examples, importance, and tips

Since accounts receivable and deferred revenue are tied to your billings and collections outputs from your topline component, Mosaic automatically calculates the ending balance for these accounts. It streamlines the whole process, ensuring you always have a clear view of your finances. You can create a SaaS revenue waterfall chart or ARR bridge with cohorts …

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Apple’s new Journal app is now available with the release of iOS 17 2

The name and page of the journal from which the ledger entry came is recorded in the folio number column. General journal is used to record such transactions that are not repetitive in nature and for which no special journal is maintained. Any accounts used in the Other Accounts column must be entered separately in …

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Asset Turnover Ratio: Definition, Formula & Examples

Over time, positive increases in the turnover ratio can serve as an indication that a company is gradually expanding into its capacity as it matures (and the reverse for decreases across time). The turnover metric falls short, however, in being distorted by significant one-time capital expenditures (Capex) and asset sales. Watch this short video to …

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