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Q. Define purchase discounts and purchase returns?
Two general deductions from purchases are (a) purchase discounts and (b) purchase returns and allowances. In the general ledger both of these items usually carry credit balances. From the buyer's side of the transactions cash discounts are purchase discounts and merchandise returns as well as allowances are purchase returns and allowances.
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 $
Goodwill is an intangible asset of a organization which contains company reputation, fame etc., By goodwill company share value may enhances
Determine the concept of Closing entries-(REID) 1) Close Sales account and other income statement accounts with credit balances to Income Summary. 2) Close each expense ac
Forms of business organizations Accountants habitually refer to a business organization as an accounting entity or a business entity. A business entity is some business organiz
Why to and by using in journal, trading a/c, p&l a/c and ledger?
In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de
You just took out a variable-rate mortgage on your new home. The mortgage value is $100,000, the term is 30 years, and initially the interest rate is 8%. The interest rate is fixed
when creating a trial balance, which account balances carry over from previous months
Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu
Below is a table with total data for a firm in a perfectly competitive industry. Quantity Total Cost 0 100 10
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