A contra expense account is an account used to reduce the amount of an expense without changing the balance in the main expense account. Examples of contra expense accounts include Purchase Returns, Purchase Discounts, and Advertising Reimbursements. The purpose of the Sales Returns account is to track the reduction in the value of the revenue …

Quick Guide to Master Contra Accounts: Definition, Types & Examples Simplified Read More »

Provider of assisted living, independent living, memory care and skilled nursing services, Sinceri Senior Living has remained focused on ensuring its residents receive the best care possible. When the pandemic prevented family visitors and demanded added precautions of its workforce, Sinceri worked with ADP to implement tools to keep staff safe and informed. Employees could …

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Net income contributes to a company’s assets and can therefore affect the book value, or owner’s equity. When a company generates a profit and retains a portion of that profit after subtracting all of expenses vs liabilities its costs, the owner’s equity generally rises. Debtor ledger − Provides information about the credit sales (related to …

Expenses vs Expenditures: What They Mean for Your Business Read More »