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Q. Show Transactions affecting the income statement?
To continue to exist a business must be profitable. This signifies that the revenues earned by providing goods and services to customers must exceed the expenses incurred. In July 2010 Metro Courier Inc starts selling services and incurring expenses. The descriptions of transactions that follow allow you to participate in this process and learn the necessary accounting procedures.
Are mailing lists are considered as prepaid or period expens?
Q. Sales returns affect both revenues and cost of good? When a company sells merchandise to customers then it transfers the cost of the merchandise from an asset account that i
what is accrued revenue
What is the change fund Business that have many cash transactions generally establish this fund, which is an amount of money which is placed in the cash register drawer and is
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
paid rent $200 by cash
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
profit
Q. Explain journal entry? A journal is a sequential arranged in order of time record of business transactions. A journal entry is the stacking of a business transaction in the
what all things do we have to treat in revaluation account
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