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 ...

Credit means different things depending on its context. For example, the amount available to borrow from a vendor. A credit in accounting is a journal entry with the ability to decrease an asset or ...

The money a corporation borrows by issuing a notes payable must be repaid to the lender with interest. All transactions related to the note and the exchange of monies between the borrower and lender ...