By Jeffry R. Haber
For brand spanking new scholars of accounting, entry-level accounting pros, and company execs whose personal paintings relates on to the numbers at the ledger, a easy figuring out of middle accounting services and records is necessary. Accounting Demystified offers an easy and simple description of common parts of the accounting method, plus obtainable tutorials in growing, examining, and utilizing monetary statements. Haber's transparent language will enable readers: * comprehend accounting fundamentals * locate error fast * organize exact monetary statements * research monetary records * make certain the monetary health and wellbeing of a company * organize a monetary prospectus for strength traders and creditors From the school room to the again room to the board room, Accounting Demystified serves as a beneficial primer at the fundamentals of accounting and the needs they serve."
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Extra info for Accounting Demystified
There are two methods that can be used: the direct write-off method and the allowance method. Direct Write-Off Method The direct write-off method removes (writes off ) a balance from the Accounts receivable account when the company de- 46 Accounting Demystified termines that the likelihood of receiving payment has diminished to negligible proportions. With this method, when the company writes off an account, it can attach a customer’s name to the amount being written off, and the subsidiary ledger can be adjusted.
Any reconciling items needed to get the bank balance to the adjusted cash balance will not require journal entries. When the bank statement arrives, the first step is to note which checks were returned with the statement (have cleared the bank or, in other words, were recorded by the bank). A sample bank statement is presented in Figure 6-1. Most companies go through their cash disbursements (a listing of all checks sent, usually incorporating columns that detail the payee, the date, the amount, and the check number) and put a mark next to the checks that have come back with the bank statement.
The account in which the expense is recorded can be titled Bank service charges, Office expense, or something similar. 12/07/02 Bank service charges 25 Cash 25 To record service charge on returned check C H A P T E R 7 Accounts Receivable Accounts receivable are amounts owed to the company by its customers and clients for services or goods provided. Accounts receivable arise from sales transactions. Sometimes a company will sell to an individual on credit, but more often transactions involving credit are business-to-business transactions.