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Account titles and explanation column
The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account title to the right. For example in Exhibit 8 we show the debit to the Cash account and then the credit to the Capital Stock account. Any essential explanation of a transaction appears on the line(s) below the credit entry and is indented halfway between the accounts debited and credited. A journal entry explanation ought to be concise and yet complete enough to describe fully the transaction and prove the entry's accuracy. While a journal entry is self explanatory we omit the explanation.
Taxes are affected by the level of economic activity: When output increases, tax revenues typically increase, when output falls, tax revenues fall. Suppose a balanced- budget amend
does immaterial items have to be recorded
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
The balance sheet account as of July 31, 1995 for XYZ company are : Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery
ABC Insurance Company offers individual auto and home insurance servicing the East Coast. The company''s home office is located in Albany, New York. However, ABC Insurance Company
Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret
I need help with accounting 205 week four assignment
061689 bussines accounting and you All i need detail how to do it i watch video but im not understanding if anybody have more specific explanation details
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..
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