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Explain the term- Reversing entries and Interim statements
Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries made to record accrued expenses. (Salary is the only one that you would be doing.)
Interim statements are prepared during the fiscal year for periods of less than 12 months-monthly, quarterly, or semi-annually. These are used to create statements however aren't journalized until the end of year.
application/realization in history of accounting
I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?
Periodic Review
What careers can i do with these subjects?
Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
#quest1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using
How many kind of Assets?
Q. Explain about trade discount? A trade discount is a percentage deduction or else discount from the specified list price or catalogue price of merchandise. Companies utilize
Q. What is T-account? To exemplify recording the increases and decreases in an account texts use the T-account which appear like a capital letter T. The name of the account suc
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 affect
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