The Two Sides of a Sale Journal Entries

Thinking about both sides of a sale sheds new light on standard transaction entries, and Nick makes these concepts crystal clear. He covers everything from the basics of journal entries during like-kind exchanges to the details of handling both the selling and purchasing sides in various transactions. With practical examples, such as a manufacturing company paying for utilities, Nick demonstrates how to record each side effectively—debits for utilities expense against credits for accounts payable, and on the flip side, credits for service revenue against debits for accounts receivable. This session offers a clear look at mirroring entries and preps for real-world application scenarios that could pop up virtually anywhere in finance.