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Q. What do you eman by Purchases account?
In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale throughout the current accounting period. The Purchases account which is enlarged by debits appears with the income statement accounts in the chart of accounts.
To illustrate entries affecting the Purchases account supposes that Hanlon Retail Food Store made two purchases of merchandise from Smith Wholesale Company. Hanlon buy USD 30000 of merchandise on credit (on account) on May 4 as well as on May 21 purchased USD 20000 of merchandise for cash. The necessary journal entries for Hanlon are
The buyer deducts purchase returns and purchase discounts and allowances from purchases to arrive at net purchases. The accountant files these items in contra accounts to the Purchases account.
Q. Financial statements of business organizations? Business entities may perhaps have many objectives and goals. For instance one of your objectives in owning a physical fitnes
State about the Balance Sheet columns of worksheet Balance Sheet columns of worksheet would comprise the amounts from Adjusted Trial Balance columns which are assets, capital,
What is the difference between financial statements prepared from the expanded accounting equation and those prepared from a trial balance?k question #Minimum 100 words accepted#
Q. Explain Weighted-average inventory? Weighted-average: Ensuing inventory is priced using a weighted-average unit cost. In perpetual inventory procedure a new weighted-average
what is Prepaid expense ?
Explain Carriage inwards.
John is considering the best capital structure for his firm. Suppose there are two capital structures for him to choose from. Structure A would have 7,000 shares of stock and $160,
Two companies enter into loan agreements on 1 March 2012. On that date they also enter into an agreement to swap the loans. The details for each company and loan are: L R R Hood
In Excel, I need help with formulas
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
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