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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.
20 hypothetical inventory transactions both sale and purchase
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Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets
Prepare the Journal Entries Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the tr
Compute each of the following amounts Company reported current assets of $80,000, non-current assets of $350,000, current liabilites of $32,000 and long term liabilities of $120,00
The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount
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What are the golden rule of accounting how to pass journal entry when strating bussines what
Q. FIFO under perpetual inventory procedure? FIFO under perpetual inventory procedure in perpetual inventory procedure the ending balance in the Merchandise Inventory account r
Q. Describe about Expense? Expense -- an expenditure that is chargeable against revenue during an accounting period.An expense leads to the reduction of an asset. All expenditu
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