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A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to record the earnings made on the sinking fund investment includes a debit to _____and a credit to __________. A. Cash for $1,100; Income from Sinking Fund Investment for $1,100 B. Cash for $1,100; Bond Sinking Fund Investment for $1,100 C. Bond Sinking Fund Investment for $1,100; Income from Sinking Fund Investment for $1,100 D. Cash for $1,100; Interest Income for $1,100
Compensation for the uncertainties inherent in supply and demand
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
Q. Describe the methods of recording? Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in co
Liquidity refers to a company's cash position, availability of resources to meet short-term cash requirements, and overall ability to obtain cash in the normal course of business.
While mainly students are aware that accountants frequently assist their clients with tax returns and other tax issues, few are aware of the large number of diverse and challenging
State about the Trade discounts Percentage reduction from list price of the merchandise. These aren't recorded in the accounting records of the seller or buyer. Buyer always
Advantages and disadvantages of FIFO The FIFO method has four main advantages (a) it is easy to apply (b) the assumed flow of costs corresponds with the normal physical flow o
1. Carmen Santiago works for a number of businesses as a “consultant.” She has helped design accounting systems, provided accounting services, and analyzed the financial s
General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i
Why it is important for independent auditor to be a member of a professional body?
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