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Closing entries perhaps prepared directly from the work sheet. The first journal entry debits all items appearing in the Income Statement credit column as well as credits Income Summary. The second entry credits every items appearing in the Income Statement debit column and debits Income Summary. The third entry debits Income Summary also credits the Retained Earnings account (assuming positive net income). The fourth entry debits the Retained Earnings account with credits the Dividends account.
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Paid salaries to sales clerks
20 hypothetical inventory transactions both sale and purchase
what is meant by credit note
Q. Explain Financial accounting information? A Financial accounting information is precedent in nature that reporting on what has happened in the past. To facilitate comparison
Q. Example of T-accounts? Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the mo
Why to and by using in journal, trading a/c, p&l a/c and ledger?
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
Explain the term- Salaries Expense and payment The Accounting Entry for Employee Earnings and Deductions Employer is the "agent" who is responsible for withholding the a
1) A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assu
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