When a corporation can't collect on a delinquent customer receivable, the customer account is written off, or removed, from the corporation's accounts receivable ...

Journal entries are necessary for adjusting the balances of ledger accounts for a variety of reasons, including recognizing accruals, liabilities and other expenses. If an entry posts incorrectly, it ...

Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related ...

A new iPhone app aims to teach double-entry bookkeeping to accounting students and non-accountants. StudyAccounting allows users to practice posting transactions to the correct accounts by tapping ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Double-entry accounting is the gold standard bookkeeping system for most businesses. It’s a type of bookkeeping where two accounting entries are created for each business transaction. So, each ...

Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. David Kindness is a Certified Public Accountant (CPA) and an expert ...