Month: October 2021

Current assets are receivables that a company will get within a year. Generally, they are transactional where money is exchanged for a service/good in real-time. An easy way to understand deferred revenue is to think of it as a debt owed to a customer. Unearned revenue must be earned via the distribution of what the …

Why Is Deferred Revenue Treated As a Liability? Read More »

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Expenses are the costs of operations that a business incurs to generate revenues. When an item is ready to be sold, transfer it from Finished Goods Inventory to Cost of Goods Sold to shift it from inventory to expenses. Depending on your transactions and books, your accounts may look or be called something different. Before …

Journal entries for inventory transactions Read More »