When you buy supplies for your company, you record the expense in your supplies account. Once the supplies are used, they become an expense that must be listed on the income statement. You need to ...

Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...

The accounting cycle tracks a transaction until it's added to your company's financial statement. Follow this eight-step ...