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Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and Supplies A/C Cr.2) Salaries payable; Salaries expense A/C Dr. and Salaries Payable A/C Cr. 3) Prepaid Expense; Prepaid Expense A/C Dr.and particular expense Cr.4) Depreciation; Depreciation on Particular Asset A/C Dr. and Accumulated A/C Cr.
Dr. Cr.
Date
Particulars
Amount
To Common stock
$20000
By purchases
$10,000
By Balance C/D
Total
$20,000
This is an example of Cash A/C
A swap valuation method which involves summing and computing the present value of each and every future net settlement and would be required by the contract terms either future s
AP2-2
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o
briefly explain the accounting concepts which guide the accountant at the recording stage
Market determines are useful for analyzing publicly traded corporations. Many of these calculates use stock price, which reflects the market's (public's) expectation for the compan
Why it is important for independent auditor to be a member of a professional body?
accepted#
The percentage analysis of changes of corresponding items in comparative financial statements is referred to as horizontal analysis. A. True B. Fals
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
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