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1 vote

Double-entry accounting example for Christmas gift from family member

I am not an expert in accounting and I am learning myself, but I would not classify the gift as a liability towards the family member donating. While morally you may feel obligated to reciprocate, you ...
Alberto Benegiamo's user avatar
0 votes

Do I need to file form 5472?

If you are a foreign owned non-resident who owns 100% of US Wyoming LLC then you need to file form 1120 + 5472 by fax every year. These forms are very tricky if you don't understand what you are doing ...
user3509046's user avatar
1 vote

how to properly record details of big purchase into the ledger?

If you buy a car for $10,000 cash, you post a $10,000 credit to cash (an asset) and a $10,000 debit to some relevant expense account. Or if want to keep track of the value of the car, you post $10,000 ...
Jay's user avatar
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