What I would do is create a journal entry, crediting the loan account for $50,000, debiting our bank account for $46,000, and debiting $4,000 to a “pre-paid loan expense” asset account. In other words, the loan fees are allocated to different accounting periods with the help of an effective rate of interest. The amortization of […]
Κατηγορία Αρχείων: Bookkeeping
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Accrued revenue adjustments involve recognizing revenue that has been earned but not yet received, ensuring that the revenue is reported in the period it was earned. Cash to accrual adjustment explained for better financial reporting and compliance, enhancing accuracy. Regular financial analysis is another important best practice for long-term success. This includes analyzing key financial […]