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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.
what is Prepaid expense ?
Q. Explain about Long-term investments? A long-term investment habitually consists of securities of another company held with the intention of (a) obtaining control of another
Q. Determine the cost of ending inventory? The company suppose that the 20 units in inventory consist of 10 units purchased December 21 and 10 units purchased October 12. The o
Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the
2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515
Q. Example on completion method? Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percen
dividend received rs 100was posted to debit to dividend account. the rectification entry n will be what?
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
is exploration cost for mining companies regarded as assets or expense?
Assume in Balance sheet Furniture is given @ rs.1200000. and an adjustment tells that half of the building is used for residential purpose... then what is treatment in accounts?
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