Understand adjusting entries for accounting purposes, how they are made and what they impact. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

A company's income statement shows the sales, expenses and profits for an accounting period. The balance sheet tracks assets, liabilities and owners' equity. In the double-entry system of accounting, ...

An expense account sounds simple enough, but it actually means two different things in business. First, it’s the process that lets employees pay for work expenses and get reimbursed by their company.