Examlex
Distinguish between the accrual- method taxpayer and the cash- method taxpayer with regard to basis in a receivable.
Contra Account
An account used in accounting to record reductions of related accounts, which has a balance opposite to the normal balance of the related account.
Unearned Rental Revenue
Income received from renters but not yet earned because the rental period has not occurred.
Bad Debts Expense
The cost recorded by businesses to cover accounts receivable that are not expected to be collected.
Rental Income
Rental income is income received from leasing out property or equipment, forming a source of earnings for businesses and individuals alike.
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