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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.
Q. Example on closing process? This problem engross using a work sheet for Green Hills Riding Stable Incorporated for the month ended 2010 July 31 and performing the closing pr
During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 p
Q. Explain horizontal analyses and using the financial results? The computation of dollar and or percentage changes from one year to the next in an item on financial statements
Explain the types of Financial Statements Income Statement . This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and r
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 co
Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
Received security deposit from tenants
Q. Illustrate perpetual inventory procedure? Data from Exhibit serves like the basis for some of the entries. You would debit the Merchandise Inventory account to record the en
what all things do we have to treat in revaluation account
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