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Purchased trucks and office equipment for cash
Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks are assets because the company uses them to earn revenues in the future. Note that this transaction doesn't change the total amount of assets in the basic equation but only changes the composition of the assets. This transaction reduces cash and increased trucks and office equipment (assets) by the total amount of the cash decrease. Metro inward two assets and gave up one asset of equal value. Overall assets are still USD 36000 the accounting equation now is
began his business with equipment valued at $40,000 and place $400,000 in the business checking account. what are the accounts affected?
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
Remedies of overtrading
What is the full disclosure principle
Beth Clark is an Accounting Manager at Specialty Products Corp. One afternoon in early January 2012, her boss, Controller Dan Greene, met with her and stated the following, "Beth,
Q. What is Marginal cost and marginal revenue? Marginal cost is the extra cost incurred by addingone more item. Marginal revenue is revenue from selling one more item. Economic
Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership
Inventory is habitually the largest and most important asset owned by a merchandising business. The inventory of some companies similar to car dealerships or jewellery stores may c
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc
What is the implication of applying accounting concepts wrongly?
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