Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...

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 business may have system-generated and manually entered journal entries for accounting. Some entries, such as accounts payable or payrolls, are automatically recorded in the computer system when a ...