Author: accta

Accounting equation shows that the total assets should be equal to the total liabilities and stockholders’ equity. The left side of accounting equation represents the

The term debit refers to the left side of the accounting equation. The term credit refers to the right side of the accounting equation.  [Equation

$ Journal Accounting journal is the recording of transactions in order of occurrence. Journal Entries Journal entry is an entry to the journal. Journal entries

Elements of Income Statement Revenues and expenses are the elements of income statement. Revenues Expenses Revenue 1. Revenue represents an increase in resources from the

Operating Expenses Rent expense Salaries expense Supplies expense Insurance expense Depreciation expense Advertising expense Travel expense Communication expense Utilities expense Operating expenses include expense accounts