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Q. Explain journal entry?
A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the journal. A journal entry demonstrates all the effects of a business transaction as expressed in debit(s) and credit(s) and may comprise an explanation of the transaction. A transaction is entered in a journal prior to it is entered in ledger accounts. For the reason that each transaction is initially recorded in a journal rather than directly in the ledger a journal is called as a book of original entry.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
what is implication wrongly application of accounting concept#
DEFINITION OF COST ACCOUNTING DEFINITION: as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t
on which shares pre acquisiton dividend received
At the end of the current year, $19,900 of fees have been earned but not billed to clients. • a. What is the adjustment to record the accrued fees? Indicate each account affecte
Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
How do I do case problem level 1 for chapter 3 of succeeding in business with Microsoft excel 2013?
Earlier we defined accounting as the process of measuring, identifying and communicating economic information to permit informed judgments and decisions by the users of the informa
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
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