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Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset). 116117 • 2. A three-year premium paid on a fire insurance policy. • 3. Fees received but not yet earned. • 4. Fees earned but not yet received. • 5. Utilities owed but not yet paid. • 6. Supplies on hand. • 7. Salary owed but not yet paid. • 8. Taxes owed but payable in the following period.
While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine
A machine valued on the books at $8500 was sold on credit to $8000.
Q. What are simple journal entries? To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts
Q. What do you mean by bookkeeping? Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a
Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the
Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat
Q. What is Prepaid expense? A prepaid expense is an asset pending assignment to expense such as prepaid rent, prepaid insurance and supplies on hand. Note that the character of
There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
types of legancies
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