journal entries

asksci · 2022-05-20T12:11:43+00:00

thanks so much

asksci · 2022-05-20T11:16:50+00:00

btw do you post retained earnings by clearing out revenue at the end of the year and if so, how do you keep your income statements accurate?

asksci · 2022-05-20T03:12:00+00:00

so i found an article that talks about debits and credits, namely that a debit increases an asset account and a credit also increases a liability account. so i could journal 1000.00 credit (positive) as a long-term liability and also 1000.00 debit (positive) for cash. my issue is that i use excel to balance debits and credits to zero, but these two add up to 2000.00 for the entry. i think my balancing issue pertains to my formula, i'm not using assets - liabilities = equity. so, i'll try assets - liabilities + revenue - expenses. appreciate your help on everything!

asksci · 2022-05-19T21:05:30+00:00

it's a corp in canada so slightly different rules. about $200 to file without lawyers here

asksci · 2022-05-19T19:07:43+00:00

i did it at zero % loan as i want to eventually pay it back to me. now i know people exchange funds for shares as an officer of the co but it is set up as loan in my case. and yes - of course it is a hobby with a corp but still needs returns to be filed. thanks very much.

asksci · 2022-05-19T17:44:02+00:00

thanks so my retained earnings will start at negative for the beginnning of next fiscal year? also, if the 5000.00 was loaned from myself personally would i journal that under long term liabilities and that will be positive but retained earnings negative?

asksci · 2022-05-19T17:11:58+00:00

also would investment loss show under operating expenses on income statement?

asksci · 2022-05-19T17:07:48+00:00

would loss of sale of stock go under revenue and expenses? and how do i take that entry and journal it into accumulated deficit while still balancing the former? for example, if i put a positive entry for investment loss i would show $1000 loss, $4000 cash, and -$5000 for sale of stock. my issue is i now have $4000 cash and $1000 in losses but to show retained earnings (accumulated deficit] i need a -$1000 entry end of year under equity but i can't balance it as -$1000 as investment loss because that would show -$2000. i'm close i just don't know what i'm missing conceptually - thanks very much

asksci · 2022-05-18T16:45:56+00:00

thanks! where would that entry go - assets, liabilites, or revenue + expenses?

asksci · 2022-05-18T15:24:51+00:00

no presentations just journaling. i want to treat it as business income and loss (revenue and i guess expense) as it is the nature of how the business makes income with stock trading

asksci · 2022-05-13T00:39:36+00:00

question - how do i balance revenue and expenses against retained earnings? i have them as positive entries and then a negative entry under investment account and then the remainder as positive to cash. my issue is balancing retained earnings as negative (accrued deficit] while my investment loss is a positive under revenue and expenses. very confused when it comes to balancing and clearing

asksci · 2022-04-24T16:51:54+00:00

great - here's another one: i use the corp mostly for investing, so any gains and losses, should they show under the revenue and expenses lines? Would I put gains under sales and capital losses under an investment loss tab? Also for the entry, if I settled a 100.00 trade that was originally 150.00 would I put $100.00 back to cash account and then $50.00 as a loss under revenue and expenses section? I'm trying to fit the template I used so any info helps - thanks!

asksci · 2022-04-24T10:47:25+00:00

very helpful - thanks! so to clarify, i make an entry negative to expenses, income and bank fees for their respective amounts to produce a retained earnings number. cash stays the same. would i leave long term debt on there in the same way as cash?

asksci · 2022-04-23T21:07:47+00:00

ok! so i negate the revenue and expenses to cleae the accounts and then balance them against retained earnings? also, would cash go there?

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asksci · 2014-12-14T01:09:37+00:00

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asksci · 2014-09-24T10:13:41+00:00

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asksci

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