Hi, I am looking for a good software to use for daily journal entries and adjustments, that will allow me to create at least a balance sheet & income statement and perhaps a few reports (like inventory, accounts receivables). I need a real double-entry & simple reliable software. Peachtree &...

I would like to know the accounting procedure of work in progress in the tally accounting programme. Normally we debit the work in progress under asset a/c head, where will be credit? Under which account head? Whether it is under purchase a/c or sales a/c or Income a/c ? And what is the...

What is considered WIP? Should I be including the inventory items that may still be inventory but are allocated to a job making them un-usable inventory. What about jobs that are partially invoiced? Does some of the cost need to be considered WIP?

Hi. I am unsure about the correct way to debit/credit these entries. Can someone help me? Window Washing Company opened on July 1, 2010. During July the following transactions were completed: July 1 Issued 14,456 shares of common stock for $14,456 cash. July 1 Purchased used truck for...

P Company purchased 100% of S Company on January 1, 2002, at its book value. During 2002, P Company received $80,000 in consulting fees from S Company. On the work sheet to prepare a consolidated income statement on December 31, 2002, the following elimination entry is needed: a. Consulting...