A company's income statement shows the sales, expenses and profits for an accounting period. The balance sheet tracks assets, liabilities and owners' equity. In the double-entry system of accounting, ...

Accountants train for many years to avoid making fundamental mistakes such as missing journal entries. Closing entries are journal entries that move balances from temporary income and expense accounts ...

When a company sells an asset, an accountant must reconcile that sale on the company's books to ensure an accurate balance sheet and income statement. Read on to find out exactly how this process is ...