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On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add
Q. Procedure of recording business transactions? The raw information of accounting is the business transactions. We documented the transactions in section 1 as increases or dec
Q. Income taxes payable? Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The comp
on 10/15 the academy agreed to teach a four month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. the class started on
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
#quest1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using
THE BALANCE SHEET CONCEPTS According to Howard, a Balance Sheet might be definite as - 'a statement which reports the principles owned by the enterprise and the assert of the c
what are the basic theory of accounting
How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
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