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Explain the term- Reversing entries and Interim statements
Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries made to record accrued expenses. (Salary is the only one that you would be doing.)
Interim statements are prepared during the fiscal year for periods of less than 12 months-monthly, quarterly, or semi-annually. These are used to create statements however aren't journalized until the end of year.
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I want a company law assignment
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A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
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