When filing their Federal income tax returns,the Youngs always claimed the standard deduction.After they purchased a home,however,they started to itemize their deductions from AGI.
Definitions:
Asset
Resources owned by an individual or business that have economic value and can be used to meet debts, commitments, or legacies.
Prepaid Rent Expense
An accounting term for rent payments made in advance of the rental period, recorded as an asset on the balance sheet until the period of use.
Adjustment
The process of making entries to correct accounts or to allocate amounts properly at the end of an accounting period.
Office Equipment
Assets like computers, desks, chairs, and printers that are used in an office setting for the operation of the business.
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