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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.
Please explain I'm so lost Chandler Ltd. estimates sales for the second quarter of 2014 will be as follows. Month Units April 2,550 May 2,475 June 2,390 The t
Q. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
Rondo plc, a sports apparel manufacturer with a cost of capital of 13.75%, is looking to expand its activity and is considering two possible countries to open a sales subsidiary. R
how to account for the preference shares held by the investor
contractee account is it an assets account or expenses Account
does immaterial items have to be recorded
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk inve
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