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The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must equal zero. Throughout clearing, the system enters a clearing document number and the clearing date in these items. In this way, invoices in a vendor account are indicated as paid, and items in a bank clearing account are shown as cleared. You usually use the payment program to clear invoices. Manual clearing of open items is therefore not usually necessary. Though, you will sometimes have to clear items manually if, for example, you receive a refund from your vendor or you have set up a direct debit procedure.
Q. Learning objectives of current ratio? - Analyze the transactions by examining source documents. - Journalize the transactions in the journal. - Post the journal entrie
How to do a trial Balance Particulars Amount Dr. Amount Cr. In
Q. Explain about Trial balance? Trial balance -- at the close of an accounting period, transactions posted in the ledger areadded up. A trial or test balance sheet is prepared
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You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues. F
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Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depre
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
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