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Q. Example of supplies on hand?
On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows
Micro Train's two accounts recitations to supplies are Supplies on Hand (an asset) and Supplies Expense. Subsequent to this entry is posted, the Supplies on Hand account shows a debit balance of USD 1400 and the Supplies Expense account has a zero balance as shown in the following T-accounts
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
discuss the features of unincoporated associations
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
Service revenue earned on account Metro performed courier deliverance services for a customer who agreed to pay USD 900 at a later date. The company approved credit rather tha
Q. What is classified balance sheet? The balance sheets we presented thus far have been unclassified balance sheets. An unclassified balance sheet has three major categories li
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
When a not-for-profit facility receives a contribution from a member of the community, the cost of the capital is inconsequential when deciding how to use the contribution, becau
i have an assignment fro perdisco platform managing general entries of basic accounts will u guys be able to help with it
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
Q. Show Credit and debit rules for expense? The credit and debit rules for expense and Dividends accounts and for revenue accounts follow logically if you remember that expense
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