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Q. Show Purchase Returns and Allowances account?
Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may desire to know the amount of returns and allowances as the first step in controlling the costs incurred in returning unsatisfactory merchandise or negotiating purchase allowances. Therefore buyers record purchase allowances and returns in a separate Purchase Returns and Allowances account. If Hanlon returned USD 350 of merchandise to Smith Wholesale previous to paying for the goods it would make this journal entry
The entry would have been the similar to record a USD 350 allowance.
Houston Corporation has the following stock outstanding: In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
1.A business man strated business with 100million on the bank account obtained as a retirement package, 2.He used part of the money and bought a building worth 60 million, 3.He let
when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
Q. Advantages and Disadvantages of FIFO? FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods
1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage. (b) "Ledger is said to be the principal book entry and the t
does immaterial items have to be recorded
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
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