Bookkeeping Blog

An Example Of A Bookkeeping Entry Of Buying On Credit

1.12.2021 by Ron Pearson

All outstanding payments due to vendors are recorded in accounts payable. As a result, if anyone looks at the balance in accounts payable, they will see the total amount the business owes all of its vendors and short-term lenders. Every purchase tran... Read more

How To Prepare And Analyze A Balance Sheet +examples

1.12.2021 by Ron Pearson

It shows any capital the owner put into the business, any withdrawals made as a salary, and the net income or net loss from the current period. This is one reason the income statement has to be prepared first because the calculations from that statem... Read more