Royalty Expense Journal Entries

Ever dreamt of being in the spotlight and earning big on royalties? While that dream might be fun, Nick Palazzolo brings it back to reality by discussing the nuts and bolts of accounting for royalty expenses. Delve into various scenarios where royalties come into play—from initial advance payments to accruing royalties yet to be paid. Nick dissects common journal entries related to royalty transactions whether it’s for using songs in commercials or other intellectual properties. He keeps things clear and grounded, ensuring these concepts stick without straying too far from the fundamental principles of accounting you're already familiar with. Whether it's dealing with advances, earnings from sales, or minimum guarantee royalties, this session covers the gamut to prepare you for any related curveballs that might come your way in real-life accounting or on the exam.