Why is it required to prepare subledger–general ledger reconciliations?
If discrepancies exist, the process of matching each transaction to its respective accounting entry is automatically performed. The process finds all transactions and accounting entries that contributed to the out of balance situation. As a prerequis...
prepaid rent definition and meaning
Typically, if your lease is terminated as opposed to being amended to include the new landlord, then you would need to remove the deferred rent account from the balance sheet. In order to do so, you would need to debit the deferred rent account to el...
What is straight-line depreciation?
The straight line depreciation method gives you a realistic picture of your business’s profit margin using long-term assets. Straight line depreciation can be calculated on assets such as manufacturing equipment, vehicles, office furniture, computers...