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Q. Describe about post-closing trial balance?
A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that must be open are liabilities, assets and capital stock and Retained Earnings accounts. List every account balances in the debit and credit columns and total them to make sure debits and credits are equal.
The amounts in the post-closing trial balance are as of the ledger after the closing entries have been posted. The subsequently section briefly describes the evolution of accounting systems from the one-journal to one-ledger manual system you have been studying to computerized systems. After that we discuss the role of an accounting system.
Q. What do you mean by Net sales? We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually pre
Q. Explain about Long-term assets? Long-term assets are assets that a business has on hand or else uses for a relatively long time. Examples include plant, property and equipme
Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and
Received security deposit from tenants
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In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?
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
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
What are the elements of accounting assets Assets are items with money value which are owned by a business. Some instance are: cash, accounts receivable (selling services or g
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