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Service revenue earned on account
Metro performed courier deliverance services for a customer who agreed to pay USD 900 at a later date. The company approved credit rather than requiring the customer to pay cash immediately. This is called as earning revenue on account. The transaction comprise of exchanging services for the customer's promise to pay later. This transaction is alike to the preceding transaction in that stockholders' equity retained earnings enhance because the company has earned revenues. But the transaction differs for the reason that the company has not received cash. In its place the company has received another asset an account receivable. As noted previously an account receivable is the amount unpaid from a customer for goods or services already provided. The company has a lawful right to collect from the customer in the future. Accounting makes out such claims as assets. The accounting equation counting this USD 900 item is as follows:
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Prepare the bank reconciliation and record cash adjustments (LO5) Additi
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under- 1. To recognize
What steps would you take before approving an invoice for payment? Ans) Following steps should be taken.. ? Certify the invoice once it is matched for checking any holds..
Q. Explain about Predictive value and feedback value? Several suggest using a different valuation basis such as current cost in reporting such assets. Predictive value and feed
how we can do tds audit
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin
Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Su
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