Document tax deductions and property-specific tax payments throughout the year, including mortgage interest, repairs, depreciation, and property taxes. This approach helps you track deductions correctly, avoid confusion during tax season, and demonstrate professionalism and organization if you are ever audited …
In a FOB Shipping agreement, in-transit inventory is owned by the buyer as soon as the products are loaded onto the ship. As such, who the goods belong to is normally determined by the terms and conditions of the shipping …
For asset accounts, like cash or prepaid rent, a debit increases the balance, while adjusting entries a credit decreases it. Expenses, similar to assets, increase with a debit and decrease with a credit. This consistent framework ensures an equal and …