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Q. What are adjusting entries?
When you start to analyze business transactions you saw that the evidence of the transaction is typically a source document. It is any printed or written evidence that describes the essential facts of a business transaction. Instance are receipts for cash paid or received checks received or written bills sent to customers or bills received from suppliers. The giving and receiving or creating of source documents triggered the journal entries made. The journal entries we talk about in this section are adjusting entries. The onset of the end of the accounting period triggers adjusting entries. Accountants utilize adjusting entries to bring accounts to their proper balances before preparing financial statements.
Q. Explain about lower-of-cost-or-market method? The lower-of-cost-or-market (LCM) method is the inventory costing method that values inventory at the lower of its historical c
Which of the following items will be entered in the cash payments journal of an entity when app applicable subsidiary journals are in use? Merchandise purchased on credit Merchand
Difference between Fica and federal income taxes Employers should file Form 940 with the IRS at the end of every calendar quarter. There are several rules about when to turn i
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#question.outline basic elements to keep in mind while preparing an income statement?
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Q. What is Accounts receivable? Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a co
Verify the amount to be paid within the discount period for purchase with an invoice price of $7,745, subject to credit terms of 2/10, n/30.
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
#questiSean Corp. issued a $60,000, 10 year bond at the face rate of 8% annually on 1/1/X0. The market rate was 10%. How much cash will the bond investors receive at the end of the
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