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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
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Q. Illustrate unearned service fees? Micro Train reports the service income in its income statement for 2010. The company enters the USD 3000 balance in the Unearned Service Fe
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