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Q. How does asset cash increase?
An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned Service Fees relatively than Service Revenue because the USD 4500 applies to more than just the current accounting period. Unearned Service Fees is a liability for the reason that if the services are never performed the USD 4500 will have to be refunded. If the payment had been there for services to be provided in December the credit would have been to Service Revenue.
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The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
illustrate business cycle with reference to a retail trader which does business on a cash basics
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A rule in economics and law that says attorney fees must be paid by every party included in litigation - even the party that wins the case. An exception to the American rule can ta
An inflated budgeted expense account
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A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
Q. Financial accounting versus managerial accounting An accounting information system offers data to help decision makers both outside and inside the business. Decision makers
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