Journal Entry Glossary

Find detailed explanations of how to correctly post common journal entries.

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How to Book Allowance for Doubtful Accounts Journal Entry

Allowance for Doubtful Accounts (AFDA) is an account used to record the estimated amount of customer accounts that may not be collected. It is a contra-asset account, meaning it is a negative asset account that offsets the Accounts Receivable balance. There are two steps to recording AFDA.

How to Book Accrued Expenses Journal Entry

Accrued expenses are expenses that have been incurred and are neither invoiced nor paid. For expenses that are invoiced and unpaid, these should be recorded in the proper accounting period via accounts payable

Accounts Receivable Journal Entry

Accounts receivable journal entries are important for enterprise companies to track the amount of money owed to them by their customers, assess the financial health of the company, and accurately report financial information to stakeholders.

Adjusting Entries

Adjusting entries are journal entries made at the end of an accounting period to record any unrecognized income or expenses for the period, ensuring that the financial statements accurately reflect the company�s financial position and are necessary for accurate tax calculations and internal decision making.

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