Bookkeeping

What Is the Difference Between Equipment and Supplies?

Companies commonly list their net PP&E on their balance sheet when reporting financial results. Equipment and instruments are both tools used to perform specific tasks or functions. Equipment refers to larger, more complex machinery or devices that are used for a variety of purposes, such as construction, manufacturing, or transportation. Instruments, on the other hand, …

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Adjusting Journal Entries: Definition & Types

Adjusting entries are journal entries recorded at the end of an accounting period to alter the ending balances in various general ledger accounts. These entries are used to produce financial statements under the accrual basis of accounting. A business may use relatively few adjusting entries to produce its monthly financial statements, and substantially more of …

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