Purchases journal
The purchases journal is a specialised accounting book used to record all credit purchases of goods intended for resale. It excludes cash purchases and asset acquisitions. This journal streamlines bookkeeping by consolidating similar transactions, allowing periodic posting to the general ledger under relevant accounts.
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Prepaid Interest
Prepaid interest is interest paid before it's due, often at the beginning of a loan term. It's initially recorded as…
Prepaid Income
Also known as unearned income, prepaid income is money received before delivering goods or services. It’s recorded as a liability…
Prepaid Expense
Prepaid expenses are advance payments for goods or services to be received in future periods. Common examples include prepaid rent…
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