Accounting / July 19, 2018 / Pearl Bailey
A Cash receipts journal is a specialized accounting journal and it is referred to as the main entry book used in an accounting system to keep track of the sales of items when cash is received, by crediting sales and debiting cash and transactions related to receipts. Sales on account are booked instead in the sales journal.
Asset retirement obligation accounting is essential to renewal, remediation and restoration work performed on property, such as cleaning up a brown field, removing hazardous infrastructure, or expensive dismantling of infrastructure improvements. It does not apply to work done for and costs associated with disaster or accident cleanup. An asset is considered retired when it is permanently taken out of service, such as through sale or disposal. Retirement obligations can be recognized either when the asset is placed in service or during its operating life at the point when its removal obligation is incurred.
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