In a dual entry accounting system, entries are made in debit and credit columns. Increases in assets -- the things you own -- and expenses are entered in the debit column, while liabilities -- or ...

The money a corporation borrows by issuing a notes payable must be repaid to the lender with interest. All transactions related to the note and the exchange of monies between the borrower and lender ...

Closing the books on an accounting period is a lengthy and complex process. No matter how complex, it needs to start somewhere. For every company, big or small, it starts with a trial balance. This is ...

A second major use of trial balance is to feed data into a tax prep package — essentially using the application as a data entry and organizing engine. Because batch and summary entries are frequently ...