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Genie performs service on account, which means that Genie lets some customers pay later. Genie earns revenue but doesn't recieve the cash immediately. In transaction 5, Genie cleans a fleet of UPS delievery truck, and PPS promises to pay Genie $3000 within one month. This promise is an account recievable an asset of Genie Car Wash. The transaction reords follows: Its performing the service that earns the revenue not collection the cash. Therefore, Genie records revenue when it performs the service regardless of whether Genie recieves cash now or later
How does it impacts the accounting equation. Make sure to identify the account impacted. Why is it important to record your selected transaction?
Accounting information systems (ACC 3202) from Baruch college
Provide justification as to how far is this statement correct. Also state the needs for regulation in accounting and why free market for accounting information is not good.
enciso corporation is preparing its cash budget for november. the budgeted beginning cash balance is 31000. budgeted
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The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars):
case study ithe general fund of middleville has presented you with the following trial balance as of june 30
badger recorded 500000 of net sales for the year which 2 is estimated to be uncollectable. identify and analyze the
sporting goods is a locally owned store that specializes in printing team jerseys. the majority of its business comes
pietarsaari oy a finnish company produces cross-country ski poles that it sells for euro33 a pair. the finnish unit of
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