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On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability insurance policy for the next three years. The entire $36,000 was recorded as an expense by Scranton when the payment was made. When Scranton's fiscal; year ended on 12/31/05, no additional entries had been made regarding the insurance payment. Explain why Scranton's books are incorrect as of 12/31/05 and give the journal entry to correct Scranton's books at that date.
Q. What is Long-term liabilities? Long-term liabilities are debts such as a bonds payable and mortgage payable that aren't due for more than one year. Companies must show matur
the guinegog is a trader in portable cd-man. His budgeted output is 5000 units per quarter. The following data was available for the year 1998: Direct labour @ $6 Direct material @
#How to make journal entries?
Balance Sheet Classi?cations and Relationships Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $
owner invested 80000 cash and 2000 office equpmeent in to the business bank account
I want a company law assignment
Details: Costing products is a matter of considerable importance to organizations. The need for accurate product costs ranges from cost identification for inventory valuation purp
An asset or account of borrower, which has been classified by a bank or financial institution as sub-standard, doubtful or loss assets as per the guidelines issued by RBI. An
Q. In between FIFO and lifo which one is the correct method? The differences for the four methods take place because the company paid different prices for goods purchased. No d
Is here sample assignment for accounting cycle?
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