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Account titles and explanation column
The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account title to the right. For example in Exhibit 8 we show the debit to the Cash account and then the credit to the Capital Stock account. Any essential explanation of a transaction appears on the line(s) below the credit entry and is indented halfway between the accounts debited and credited. A journal entry explanation ought to be concise and yet complete enough to describe fully the transaction and prove the entry's accuracy. While a journal entry is self explanatory we omit the explanation.
AsCompare and contrast AICPA SSTS to Circular 230 related to knowledge of client''s omission.k question #Minimum 100 words accepted#
Q. Salary potential of accountants? Selecting a major represents much additional than the choice of courses a student takes in college. To a significant degree, the student's m
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry fo
Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s
Q. Explain about Sales discounts? Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit
does immaterial items have to be recorded
Cooperton Mining just announced it will cut its dividend from $4 to $2.50 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expecte
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009: Sales revenue for the year $30
leagl provision of partner ship accounts
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