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Journal Entries are recorded on a double entry system like debit and credit concept. In order to record a journal entry the following steps require to be followed.
? Enter the Journal entry number ? Enter the Date of transaction ? Enter the Debit item (as per the golden principles of accountancy) ? Enter the corresponding GL folio number ? Enter the Debit amount
A part of Deeper Coral's income is earned from conducting diving lessons. Level Lesson Type Fee per hour I Intro
owner invested 80000 cash and 2000 office equpmeent in to the business bank account
On December 31, 2013, University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature
After going through this section, you should be capable to: Appreciate the needs for a conceptual framework of accounting; understand and appreciate the Generally Accept
Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
The t/p bill for this month was 200,the company will pay it next month what is the journal entry for this?
Materiality Concept: There are several events in business that are trivial or insignificant in nature. The cost of reporting and recording such events will not be justified th
Company A has only been in existence for two full years as a public company. Prior to this, it was a segment of large multinational and was spun off as stand-alone, public company.
Q. What is Posting reference column? This column demonstrates the account number of the debited or credited account. For example in Exhibit 8 the number 100 in the first entry
Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the
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