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A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense.
Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co
Provide an argument for including or not including current liabilities in the cost of capital calculation
The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?
Q. Recording changes in revenues and expenses? Examine that Notes Payable, liabilities and increase with an entry on the right (credit) side of the account. Recording changes i
Q. What is transposition or slide error explain? When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the diffe
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
what is the implication of applying accounting concept wrongly
What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts
basic accounting Assignment
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