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Q. Purpose of adjusting entries?
In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense. Observe example the trial balance of the Micro Train Company at 2010 December 31. As you are able to see Micro Train must adjust several accounts before it can prepare accurate financial statements. The adjustments for these accounts engross data already recorded in the company's accounts. In creating adjustments for Micro Train Company we must add several accounts to the company's chart of accounts shown in section 2 these new accounts are currently you are ready to follow as Micro Train Company makes its adjustments for deferred items. If you find the process perplexing review the beginning of this chapter so you clearly understand the purpose of adjusting entries.
Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
what do you mean by 90% of the entire issue to be received before the allotment of shares?
Q. Example of Periodic inventory procedure? Periodic inventory procedure Merchandising companies selling small unit value merchandise such like nuts and bolts Christmas cards n
uses
What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
GDYJ-503 is developed according to the national standard GB-86 Insulating Oil Dielectric Strength Testing Method .The tester can test three cups of oil at the similar time. LCD scr
Which of the following transactions does not involve an exchange of value? a. Payment of a debt b. Purchase of a building on credit c. Borrowing money d. Loss from theft
the terms debit and credit are synonymous with left and right.
You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings
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