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Q. What do you mean by unearned revenue?
A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash to the selling company before the receipt of merchandise or services. Receiving assets previous to they are earned creates a liability called unearned revenue. The firm debits such revenue to the asset account Cash and credits a liability account. The liability account credited possibly Unearned Fees and Revenue Received in Advance or Advances by Customers or some similar title. The seller should either provide the services or return the customer's money. Through performing the services the company earns revenue and cancels the liability.
Tips to be keep in mind while preparing the Financial Statements : 1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjust
When does something that is a debit becomes a credit?
Sales taxes and Schedule of accounts receivable Schedule of accounts receivable Accounts Receivable and individual accounts should match. Only accounts which have
1. The closing stock of Prince Corporation has been reduced by $8,000 from its opening amount of $22,000. 2. No dividend has been paid or proposed by the company. 3. The only cap
at the end of May he has a voucher for expenditure of $270 and a balance in hand of $30. explain what the imprest amount is
Q. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must
What is Payroll record keeping Employer should maintain payroll records which will supply the name, social security number, address, gross earnings for every payroll, period o
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
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