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Unearned monies are the initial retainer amount, while earned monies are funds that have been pulled out of the account to pay for billed hours or other costs (as per properly documented receipts). A retainer fee is an upfront payment to secure the services of a lawyer, consultant, freelancer, or other professional. A retainer fee …
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Any amount spent in order to purchase or sell goods or services that generates revenue in the business is called expenses. The Cash Account will be decreased with the amount paid as expenses, so it will be credited and Expenses will be debited. The process of recording transactions in the journal is called Journalising and …
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Accounting is the process of tracking and recording a business’s financial transactions. Accounting basics include understanding assets, liabilities, equity, revenues, and expenses, as well as relevant financial statements and accounting principles. One of the main financial statements (along with the statement of comprehensive income, balance sheet, statement of cash flows, and statement of stockholders’ equity). …
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In essence, business accounting is the foundation for sound financial management and long-term business success. For example, if I’ve recorded various transactions throughout the month, I’ll generate a trial balance to see if the total debits match the total credits. If not, I know I need to investigate and correct any discrepancies before moving forward. …
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