By Jeffry R. Haber
For brand new scholars of accounting, entry-level accounting execs, and enterprise pros whose personal paintings relates on to the numbers at the ledger, a easy figuring out of center accounting capabilities and records is necessary. Accounting Demystified offers an easy and simple description of common parts of the accounting technique, plus obtainable tutorials in developing, analyzing, and utilizing monetary statements. Haber's transparent language will enable readers: * comprehend accounting fundamentals * locate mistakes quick * arrange actual monetary statements * examine monetary files * verify the monetary healthiness of a enterprise * 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 useful primer at the fundamentals of accounting and the needs they serve."
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Extra resources for Accounting Demystified
00 was assessed. 00 was originally a payment on account. After going through the general ledger balance and the bank statement, the items that have not been crossed off (see Figure 6-3) are used for the reconciliation. 00 The reconciliation is complete when the adjusted cash balances are equal. 25 40 Accounting Demystified preparation of a journal entry. The starting balance for the book column was taken from the general ledger; the starting balance for the bank column was taken from the bank statement.
You go to work, and you get paid. Let’s say your salary was $1,000 for the week. When you get paid, you get a check for $1,000 (let’s forget about taxes to make the example simple). Journal entries always contain at least one debit and one credit, and the total of the debits equals the total of the credits. So what needs to be recorded? You now have $1,000, so that has to be recorded—we have to increase the balance in the Cash account (also called the checking account). We increase Cash by debiting it, so that is the first part of the journal entry: a debit to Cash.
The difference between the full amount and the amount owed is the amount still owed by the customer. Let’s say that the customer paid $1,200 instead of the full balance. The entry to record the receipt of the $1,200 would be: XX/XX/XX Cash 1,200 Accounts receivable 1,200 To record payment on account Control Account/Subsidiary Ledger If business is going well, you can imagine that a company could have a lot of customers, and therefore a lot of accounts Accounts Receivable 43 receivable. If it were your company, you would want to keep track of what each customer owed you so that you could make sure that your customers were paying promptly.