5 - Contra Accounts - Understanding Them...

I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature. This information will be useful as you move along to more advanced levels of accounting. 

Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to the business this period. Step 1 – Transfer Revenue and Expense items to Income ... Show More

Today we will go over the adjusting process. This is where we make our adjusting journal entries to get from our unadjusted trial balance to our adjusted trial balance, which contains the figures we use on the financial statements and tax returns. We will briefly discuss prepaid ... Show More

We explain words and phrases we can use to link contrasting ideas together. 

Learn about the words and phrases we can use to link contrasting ideas together. 

When talking about moving in, moving out and moving on, what do we mean? We explain. 

Learn how to make them, when to use them and listen to some example sentences. 

Learn the meaning of "commensurate" and how to use it to discuss fairness, proportion, and balance. Boost your vocabulary today! 

Learn the meaning of "commensurate" and how to use it to discuss fairness, proportion, and balance. Boost your vocabulary today!