by pay@crispino.us | May 22, 2026 | Recording & Adjustments, Terminologies
End-of-period journal entries to update accounts for accruals, deferrals, or estimates. Examples include accrued wages or depreciation. They ensure revenues and expenses match the proper period.
by pay@crispino.us | Mar 30, 2026 | Recording & Adjustments, Terminologies
Revenue earned but not yet billed or collected. For example, consulting services provided in December but invoiced in January. Recognized under accrual accounting.
by pay@crispino.us | Mar 27, 2026 | Recording & Adjustments, Terminologies
A list of all ledger accounts and their balances at a given time. It ensures total debits equal total credits. Used as a preliminary check before preparing financial statements.
by pay@crispino.us | Dec 27, 2025 | Recording & Adjustments, Terminologies
A collection of all accounts that summarizes transactions from journals. It is often referred to as the “book of final entry.” The general ledger provides the basis for financial statements.
by pay@crispino.us | Dec 22, 2025 | Recording & Adjustments, Terminologies
The basic record of a financial transaction showing which accounts are debited and credited. Every transaction begins with a journal entry. Proper documentation ensures accuracy in ledgers.
by pay@crispino.us | Nov 2, 2025 | Recording & Adjustments, Terminologies
Journal entries made at the end of an accounting period to reset temporary accounts (revenues, expenses, drawings) to zero. Their balances transfer to permanent accounts like capital or retained earnings. This prepares books for the next cycle.
