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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.
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Prepare the bank reconciliation and record cash adjustments (LO5) Additi
Q. What is invoice? An invoice is a document prepared by the seller of merchandise as well as sent to the buyer. The invoice contains the details of a sale such like the number
Hi, How to get help with tutor, in accounting exam prepartion? please suggest?
what is meaning by parallel accounts
Q. What is Estimated useful life? The estimated useful life of an asset is the approximate time that a company can use the asset. Useful life is estimation not an exact measure
in 2011 hardin company had 220000 shares $10 par common stock, march 1 issued 45000 shares at $22, June 1 issued 15% stack dividend, July 1 issued 10000 at $27, Aug 31 2-for-1 st
Benchmarking A process by which a company reassesses its established business practices by comparing them with the best practices of other organizations. This process is desi
RATIO ANALYSIS
“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.
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