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March 5, 2009

Publisher's Note
Since accountants love numbers, here's one you might enjoy. I had to explain to my son the real differences in "millions, billions, trillions." To an elementary school student, they're all quite similar. In his school book it stated this as a starting point:

* A million seconds is about
  11.5 days

* A billion seconds is nearly
  32 years

The next time the folks in Washington are kicking out figures in the millions, billions, and trillions, I might think of this day/year example from his textbook. (And for the record, a trillion seconds is just under 31,689 years.)

For those of you immersed in Busy Season, you may be thinking that either time is flying by or that time is crawling. The countdown is on! See the clock on the top-right of our home page.

Rob Nance
AccountingWEB, Inc.

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Questions & Advice

Running two businesses out of home

If there are two businesses operating out of home, one is incorporated the other a LLC, and utility expenses were paid out of a personal account, how would I enter those expenses into the software? Would it first of all be split 50/50? I'm not sure what kind of journal entry to make since it was not paid out of either business account, but want it to be reflected in the books. I'm very new to bookkeeping and this is one of my first clients.
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Charitable contributions

Can an incorporated business combine personal and business charitable contributions?
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