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One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu
The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga
i want to clear concepts of journal
Wyatt and Truett formed a partnership investing $330,000 and $110,000 respectively. Determine their participation in the year''s net income of $420,000 under the following assumpti
Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
What is the implication of applying accounting concepts wrongly
Q. Adjustments for accrued items? Accrued items need two types of adjusting entries asset/revenue adjustments and liability/expense adjustments. The first group asset/revenue a
Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
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
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