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Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.
Q. What is T-account? To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account suc
debit balance
Q. Advantages and disadvantages inventory procedure? Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of
Q. What are Accrued items explain with example? Delayed items consist of two types of adjusting entries asset/expense adjustments and liability/revenue adjustments. For instanc
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed
Determine the symbols of Net Sales for the Period - Cost of Goods Sold = Gross Profit - Operating Expenses + Other Income - Other Expenses =
How vital does Accounts receivable for small business and why? Ans) Accounts Receivables help small businesses by giving short-term liquidity. Also continued sales on cre
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