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Q. Describe the methods of recording?
Two general deductions from gross sales are (a) sales discounts and (b) sales returns and allowances. Sellers trace these deductions in contra revenue accounts to the Sales account. Contra accounts have typical balances that are opposite to the balance of the account they reduce. For instance since the Sales account normally has a credit balance the Sales Discounts account as well as Sales Returns and Allowances account have debit balances.
Brown sole trader Brown has been in business for some years and has kept her drawings slightly below the level of profits each year. You are her accountant, and she has passed
in cash flow statement, deductions from cash expences and payments to creditor. how do you get this answer
exploration costs for mining companies are assets?.
On october 5 2011 mara hotel collectedmthe amount of 180000 repreesenting advanced rental from a tenant who occupies space of the building. tHe advanced rental willcover the period
BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 GRADING: Worth 15 points. Partially credit will only be given if you attempt all requirements a through g lis
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
Q. Show payment of a liability? Accountants are able to easily measure some changes in assets and liabilities such as the acquisition of an asset on credit and the payment of a
Suppose a firm owns oil well assets. It is deciding how much oil to extract from its oil wells this year and next year. Production of oil costs $10 per barrel this year; next year,
Q. Explain about Sales account? In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of th
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