Category: Bookkeeping

On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. Prepare the revenue portion of the February 13 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. When dealing […]

Monthly Financials delivered timely and importantly, in a pharmacy specific format. Revenue is broken down on the P&L by PSAO, Caremark, Humana, DIR Fees, Cash etc.  Cost of Goods Sold shows you primary purchases, secondary purchases, returns and rebates. Payroll is specific to your store by type – pharmacist, technician, delivery, admin and expenses show […]

Conversely, an increase in liabilities is a credit because it signifies an amount that someone else has loaned to you and which you used to purchase something (the cause of the corresponding debit in the assets account). The term debit comes from the word debitum, meaning “what is due,” and credit comes from creditum, defined […]