Bookkeeping

What Is Work In Process Inventory?

What Is Work In Process Inventory?

Jan 25, 2022 Bookkeeping by Adam Hill
If you’re not an accountant, you may wonder how a work in process inventory journal entry looks. Here’s a simple example that shows how records shift from debits to credits throughout the production cycle. Absorption costing is a managerial accountin...
What Is A Suspense Account?

What Is A Suspense Account?

Jan 24, 2022 Bookkeeping by Adam Hill
List the suspense account under “Other Assets” on your trial balance sheet. After you make corrections, close the suspense account so that it’s no longer part of the trial balance. The suspense account is classified as a current asset, since it is mo...
Wave Accounting Software Review

Wave Accounting Software Review

Jan 24, 2022 Bookkeeping by Adam Hill
It was the cheapest option, and the most user-friendly looking. I have no background in finance and didn't want complex features built for accountants - Wave has those features, but only if you want them. Although QuickBooks Online is fairly user-fri...
Wave Accounting Review

Wave Accounting Review

Jan 19, 2022 Bookkeeping by Adam Hill
Unlike other cloud accounting software like Quickbooks, Wave Accounting is a free online accounting software best for small businesses and freelancers. You can choose from either send professional invoices, manage your accounting, run effortless payr...
The Statement Of Stockholders Equity

The Statement Of Stockholders Equity

Jan 19, 2022 Bookkeeping by Adam Hill
In other words, the leftover money after subtracting deductions and expenses or the operational cost from the total profit is net income. The amount of dividend payments to the shareholders is up to the company. It may even choose not to pay a divide...