Accounting for a letter of credit on your balance sheet depends on when you use it. One issued by your financial institution acts as a credit substitute. That institution, often a bank, steps into ...

Accounting is the practice of recording a company’s financial transactions. To do this, it relies on two fundamental records: credit and debit in accounting. The ladder, a debit, is a journal entry ...

Your accounts payable balance is the total money you owe to suppliers who have extended credit to you for your purchases of supplies or merchandise. When making a payment on your small business's ...