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Q. Example of T-accounts?
Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the month. Nor does any account illustrate the employer's obligation to pay these salaries. The T-accounts pertaining to salaries emerge as follows before adjustment
Prerequisite salaries are USD 3600 for four weeks they are USD 900 per week. Meant for a five-day workweek daily salary is USD 180. Micro Train formulates the following adjusting entry on December 31 to accrue salaries for one day
Subsequent to adjustment the two T-accounts involved appear as follows
The debit in the regulating journal entry brings the month's salaries expense up to its correct USD 3780 amount for income statement purposes. The credit to Salaries Payable files the USD 180 salary liability to employees. The balance sheet illustrates salaries payable as a liability. Another instance of a liability/expense adjustment is when a company incurs interest on a note payable. The debit would exist to Interest Expense and the credit would be to Interest Payable.
stpes to be taken prepaing for final accounts
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
help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp
Jane and Walt form Orange Corporation. Jane transfers equipment worth $475,000 (basis of $100,000) and cash of $25,000 to Orange Corporation for 50% of its stock. Walt transfers
Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin
Q. What are Bad debts? Bad debts -- amounts owed to a company which aren't going to be paid. An accountreceivable becomes a bad debt when it's recognized that it won't be paid.
Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselv
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,
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts
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