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Q. Sales Returns and Allowances account?
The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned by buyers or reductions in selling prices granted. Some companies utilize separate accounts for sales returns and for sales allowances but this text doesn't.
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
Assume we are a trading company giving devices and sometimes after sales service. when any fault came we just replace the hardware from another defective device and getting the pay
Determine about the Sales returns and allowances Allowance results when a buyer decides to keep defective or damaged goods though at a reduction from the original price.
Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
Q. What is Prepaid rent explain with example? Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays re
I chose table 2-4 Loan Amortization Schedule, $100,000 at 6% for 5 years to discuss. Table 2-4 relates to the other two tables in that it is the opposite of the other two tables. T
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Describe about post-closing trial balance? A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that mu
The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $
briefly explain management process
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