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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.
what is the implication of applying accounting concept wrongly
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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
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10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
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