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We often call the assets, liabiliies and equity accounts the balance sheet accounts, as they participate in forming a company’s balance sheet. The remaining revenue and expenses accounts fall into the profit and loss accounts, as they appear in this financial statement. Manually tracking every bit of income and expense can be daunting, especially if … Leer más

Notice that the effect of this closing journal entry is to credit the retained earnings account with the amount of 1,400 representing the net income (revenue – expenses) of the business for the accounting period. A closing entry is a gross vs net journal entry that is made at the end of an accounting period … Leer más

Wave Payroll offers more limited features compared to bigger-name competitors but can be a more affordable option for some businesses. OnPay packs all of the payroll features your business could need into a simple platform at an affordable price. (See our methodology for more information on how we choose the best payroll services.) We evaluated … Leer más