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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.
Illustrate Sales returns.
Q. Show Accumulated depreciation account with example? Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than di
Hi i just need the solution of case study.
a 50 petty cash fund has cash of 20 and valid receipts for 40. The entry to replenish the fund would include a
Question : The several evaluative criteria for evaluating revenue measure or system are: ? Yield ? Political expediency ? Ease of administration ? Consistency
Q. Show Tax benefits of LIFO? Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal R
Fixed Assets An additional categorization other than current or long-term is as well used for property. A "fixed asset" is an asset which is planned to be of a lasting nature a
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry
Why to and by using in journal, trading a/c, p&l a/c and ledger?
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