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Q. Illustrate perpetual inventory procedure?
Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the enhance in the asset due to purchase costs and transportation-in costs. You would credit Merchandise Inventory to record reduces in the asset brought about by purchase discounts, purchase returns and allowances and cost of goods sold to customers. The balance in the account is the cost of the inventory that must be on hand at any date and this entry records the purchase of 10 units on March 2 in Exhibit.
You would as well record the 10 units sold on the perpetual inventory record in Exhibit. Perpetual inventory procedure needs two journal entries for each sale. One entry is at selling price a debit to Accounts Receivable (or Cash) as well as a credit to Sales. The other entry is at cost a debit to Cost of Goods Sold as well as a credit to Merchandise Inventory. Assume that the 10 units sold on March 10 in Exhibit had a retail price of USD 13 each you would record the following entries.
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Q. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
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A business may perhaps engage in thousands of transactions during a year. An accountant summarizes and classifies the data in these transactions to create useful information.
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A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
Q. Explain about Accountants record expenditures? Accountants record expenditures on physical resources such like buildings, land and equipment that benefit future periods as a
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