How do I account for services rendered?
Service Revenue Journal Entries The journal entry for services rendered for cash is to debit Cash and credit Service Revenue. Cash is an asset account hen...
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How does the providing of services for cash affect the basic accounting equation?
The effect on the basic accounting equation of performing services for cash are to: increase assets and increase stockholders’ equity. What all is recorde...
What is an escrow account and what is it used for?
When you make your total monthly payment, part of it goes toward your mortgage to pay your principal and interest, and another part goes into your escrow ...
What is the rank of University of Bradford?
106 UK University Rankings 2021 Rank Name 104 Kingston University Enquiry 106 University of Bradford Enquiry 107 Leeds Beckett University Enquiry 108 Univ...
What do you mean by closing entry?
A closing entry is a journal entry made at the end of the accounting period. It involves shifting data from temporary accounts on the income statement to ...
Why it is important for a business to identify the direct variable and indirect fixed costs?
When you have a business, you have direct and indirect costs. Tracking these expenses is key to having up-to-date books, receiving tax deductions, and mak...
Can a 1099 be verified?
You can take several steps to make sure that the information provided on 1099 forms is not fraudulent. Validate the company’s identification to ensure the...
What is a good net worth to total assets ratio?
While a 100% ratio would be ideal, that does not mean that a lower ratio is necessarily a cause for concern. Some assets, such as those that generate stab...
When the owner of a business takes goods from inventory for his own personal use which of the following accounting principles should be considered?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use? Sales revenue should be reco...
Who is Wells Fargo owned by?
Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in...
