What is the journal entry to record a prepaid expense?

Content What are the Uses of Prepaid Expenses? Not adjusting prepaid expenses at the end of the accounting period Expense method Why You Can Trust Finance Strategists Accounting for Prepaid Expenses Presentation of Prepaid Expenses Question: Are prepaid expenses recorded in the income statement? Other Prepaid Expenses If the prepayment covers a longer period, then […]

What is a Proforma Invoice? When to Use Pro Forma Invoices?

Pro forma invoices often come into play with international transactions, especially for customs purposes on imports. A pro forma invoice is different from a simple price quotation in that it is a binding agreement, although the terms of sale are subject to change. A purchase order (PO) is a commercial document confirming the purchase of goods. […]

Balancing accounts is easy

Content Lecture 3B – Financial Accounting: Balancing Accounts the Trial Balance Second way – manual T account Coping with stress when studying for your AAT qualifications Accounts and Legal Supports Sustainable Businesses THE BALANCING ACT You can also or try our instant accountancy quote, or get in touch if you’d like to organise a business […]