In double-entry bookkeeping, every time you spend or receive money, you have to record it twice. For example, if you spend $5,000 cash to buy more inventory, you'd record that $5,000 in both the Cash ...

Learn what a contra liability account is, how it functions in financial accounting, and explore examples of this essential component in balancing liabilities.

In accounting, every financial transaction is recorded by two entries on the company's books. These two transactions are called a "debit" and a "credit," and together, they form the foundation of ...

What is an Adjusted Debit Balance? a formula for the account balance on a margin account. Found by taking the total balance owed to the broker minus paper profits on short accounts. The Adjusted Debit ...

Learn about footings in accounting: how they function in balance sheets, their importance in finalizing balances, and a ...

In accounting, every financial transaction is recorded by two entries on the company's books. These two transactions are called a "debit" and a "credit," and together, they form the foundation of ...