At the year-end, First Rate had completed $500 of bookkeeping services that were unbilled and unrecorded. The entry to record this adjustment will include a debit to the receivable account in the amount of $500.
Bookkeeping is the daily recording of financial transactions and other information with the goal of creating financial statements from the kept books of accounts.
The first step in creating a company's books of accounts is bookkeeping. It entails identifying transactions, carrying them out, and acting as a repository for records for other events of a like nature.
There are several ways to keep books, but the single entry and double entry systems are the most widely used.
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