This data from the trial balance is then used to create the company’s financial statements, such as its balance sheet, income statement, statement of cash flows, and other financial reports.…

Depreciation allows businesses asset definition and meaning to spread the cost of physical assets over a period of time, which has advantages from both an accounting and tax perspective. Businesses…

In this journal entry, the $600 of unearned service revenue represents the advance payment we have recorded in the previous month. Hence, the debit on this account is to remove…