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Part 1 (a) Name and describe the three concepts that form the basis of double entry bookkeeping, and explain how they form the basis of double entry bookkeeping. (b) How doe
Target Company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pay 10% annual interest in semiannual payments. On the issue
Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
what is an accounting cycle
Q. Valuation of ending inventory? First a merchandising company should be sure that it has properly valued its ending inventory. If the resulting in an ending inventory is over
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
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Mr. Horace, aged 25, has $25,000 cash to invest for his retirement. In addition, he plans to save and invest $8,000 per year (at the end of every year) for the next 40 years, at wh
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
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