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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.
The formula for computing additional paid-in capital in excess of par is shares of stock times Saturday
what would be the entry for-"rent recieved in advance"
Why it is important for independent auditor to be a member of a professional body?
What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it
illustrate business cycle with reference to a retail trader which does business on a cash basics
want a question of general jouranal , t account ,traial balance , income statement and balance sheet
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
"Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the
when creating a trial balance, which account balances carry over from previous months
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