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Q. Example of Unearned service fees?
Unearned service fees On December 7 Micro Train Company received USD 4500 from a customer in payment for future training services. The firm enters the following journal entry
The two T-accounts recitation to training fees are Unearned Service Fees a liability and Service Revenue. These accounts shows as follows on 2010 December 31 before adjustment
The balance in the Unearned Service Fees liability account set up when Micro Train received the cash will be converted into revenue as the company performs the training services. Previous to Micro Train prepares its financial statements it must make an adjusting entry to transfer the amount of the services performed by the company from a liability account to a revenue account.
Q. Explain about Sales discounts? Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit
Q. Seasonality in sales? Based upon its operating record the company believes that its business is seasonal. Excluding the result of net sales, new store openings and earnings
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A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $7
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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. Illustrate accumulated depreciation account? Micro Train place depreciation expense in its income statement and it reports accumulated depreciation in the balance sheet as a
stpes to be taken prepaing for final accounts
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Illustrate Sales returns.
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