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Solid Footing Ch. 7

Note Payable

Note Payable is a liability account in which we store the amount we owe back to the bank once a note matures. There’s a few … Read More

Wages

Paying wages to employees can be a little tough to understand, so let’s start simple, and then build ourselves up to utilizing the Wages Payable … Read More

Prepaid Assets

A couple of the common prepaid asset accounts you’ll be working with are… …and lucky for us, they work pretty much the exact same. Prepaid … Read More

Supplies

As stated in Assets: Supplies help run the daily operations of the business. As we run our business, we use up these supplies. It’s a … Read More

Straight-Line Depreciation

When we buy equipment for a business, overtime that equipment takes on wear-and-tear. This wear-and-tear reduces the value of the equipment. The wear-and-tear on our … Read More