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Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service revenue of USD 13200 and interest revenue of USD 600 Exhibit 20. For the reason that revenue accounts have credit balances you must debit them for an amount equal to their balance to bring them to a zero balance. When you debit Service Revenue as well as Interest Revenue, credit Income Summary enter the account numbers in the Posting Reference column when the journal entry has been posted to the ledger and Do this for all other closing journal entries.
Subsequent to the closing entries have been posted the Service Revenue and Interest Revenue accounts (in T-account format) of Micro Train appear as follows. Note that the accounts currently have zero balances.
BUS ADM-201 Fall 2012 EXTRA CREDIT 2 - Due in DS week of November 26 GRADING: Worth 15 points. Partially credit will only be given if you attempt all requirements a through g lis
Shareholders and Investors: as shareholders and the other investors have invested their wealth in a business activity, they are interested in understanding periodically regarding
A Use the CPS data to calculate mean log(wage) for women and men. log(wage) is coded as the variable LNWAGE and the variable FE is coded 1 for female and 0 for male.) First use the
what is Prepaid expense ?
In Exhibit the accurately stated ending inventory for the year 2009 is USD 35000. As a result Allen has a gross margin of USD 135000 as well as net income of USD 50000. The stateme
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds
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he chairperson of the accounting department has three summer courses available: Accounting 201, Accounting 202, and Accounting 305. Twelve faculty members are available for assign
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
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