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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.
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
Q. Explain about Freight collect? Freight collect indicates the buyer should initially pay the freight bill on the arrival of the goods. To demonstrate the use of these terms s
TDS (tax deducted at sources) .The person whereas making payments of income,covered by the scheme are responsible to deducted TDS and deposite the similar in goverment treasury wi
Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
Unlike a rigid commitment providing where a price is set and a fixed monetary amount is predictable, the underwriter makes its best efforts to sell as many shares as likely at the
Q. Example of Adjustments for deferred items? A real physical inventory a count of the supplies on hand at the end of the month showed only USD 900 of supplies on hand. Therefo
What is the typical time span for long-range plans? A. More than 1 year C. 3-5 years B. 2-3 years D. About 25 years
trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return
The following was taken from the records of the Frederic Products Company for 200X: 5) y for 200X: Total estimated manufacturing overhead cost for the year is $288,750 Total
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