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Accrual adjusting entries are needed monthly only if a company issues monthly financial statements. Two reasons for the monthly accrual adjusting entries are:
1. To report the revenues and receivables which were earned during the month, but the...
A monthly adjustment to the current portion of long term debt is necessary when:
1. the company issues monthly balance sheets, and
2. the amount to be paid on a loan’s principal balance during the next 12 months is different from the amount presently...
Sundry can mean various, miscellaneous, or diverse. Sundry debtors might refer to a company’s customers who rarely make purchases on credit and the amounts they purchase are not significant.
I suspect that the term sundry was more common when...
An expense is a temporary account which reduces owner’s equity or stockholders’ equity. The decrease in owner’s equity will offset the increase in the liability account.
Learn more about the Accounting Equation.
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Liquidity usually refers to a company’s ability to pay its bills when they become due. Liquidity is often evaluated by comparing a company’s current assets to its current liabilities. Working capital, the current ratio, and the quick ratio are referred...
