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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.
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 40
Q. Preparing a separate trial balance? As an alternative of preparing a separate trial balance as accountants uses the Trial Balance columns on a work sheet. The numbers and ti
Q. Example of accumulated depreciation account? The accumulated depreciation account doesn't represent cash that is being set aside to change the worn out asset. The un-depreci
Q. What do you mean by Capitalize? Capitalize -- to capitalize means to record an expenditure on balance sheet as an asset,to be amortized over the future. Opposite is to expen
Q. Explain about accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
Purchased trucks and office equipment for cash Metro paid USD 20000 cash on behalf of two used delivery trucks and USD 1500 for office equipment. Office equipment and Trucks ar
Q. Financial statements in European countries? In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not repo
Q. Explain about Going-concern concept? Except strong evidence exists to the contrary accountants assume that the business entity will continue operations into the indefinite
Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se
BRS - Bank Reconciliation Statement A bank reconciliation statement is a declaration organized by organizations to reconcile the balance of cash at bank in a company's own rec
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