Our writing and editorial staff are a team of experts holding advanced financial designations and have written for most major financial media publications. Our work has been directly cited by organizations including Entrepreneur, Business Insider, Investopedia, Forbes, CNBC, and many others. Our team of reviewers are established professionals with decades of experience in areas of personal finance and hold many advanced degrees and certifications. At Finance Strategists, we partner with financial experts to ensure the accuracy of our financial content. The articles and research support materials available on this site are educational and are not intended to be investment or tax advice. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. These expenses are often recorded at the end of period because they are usually calculated on a period basis. For example, an entry to record a purchase of equipment on the last day of an accounting period is not an adjusting entry. Our bookkeeping videos will help you deepen your understanding of debits and credits, general ledger accounts, double-entry bookkeeping, adjusting entries, bank reconciliation, and more. In August, you record that money in accounts receivable—as income you’re expecting to receive. […]