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Q. Explain Interest revenue?
Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accounting period. Therefore the accounting records normally don't show the interest revenue earned but not yet received which affects the total assets owned by the investor unless the company makes an adjusting entry. The regulate entry at the end of the accounting period debits a receivable account an asset and credits a revenue account to record the interest earned and the asset owned.
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-
A view organizes diagrams into logical groups to explain a particular aspect of the system. It is the abstraction of the system prepared is such a way as to give a perspective of a
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
Calculate the amount of interest for each of the following independent situations (assume 365 days per year): a)
Cross indexing is made up
The injection molding department of a company uses an average of 30 gallons of special lubricant a day. The supply of the lubricant is replenished when the amount on hand is 170 ga
Q. Illustrate Periodic inventory procedure? Companies by means of periodic inventory procedure make no entries to the Merchandise Inventory account nor do they maintain unit re
AL MASA a sole trader,decided to install a new machine to use within her sole trader business
decrease in assat & decrease in capital
when discrepancies occured on financial documents,what consequences will arise?
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