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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.
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
Cost sheet is sheet Where all the cost should be recorded which related to the produc.
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and present price at par - Preferred shares: $2,000
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
A part of Deeper Coral's income is earned from conducting diving lessons. Level Lesson Type Fee per hour I Intro
Q. What do you mean by Supplies on hand? Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include al
Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
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
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk inve
Q. Explain Accounting entity concept? Business entity concept (or accounting entity concept). Data assemble in an accounting system relates to a specific business unit or entit
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