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Q. What is credit balance?
If on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance. For example assume that a company has an Accounts Payable account with a total of USD 10000 in debits and USD 13000 in credits. The account contained a credit balance of USD 3000 as shown in the following T-account Normal balances ever since debits increase expense, asset and dividend accounts they usually have debit or left-side balances. On the contrary for the reason that credits increase retained earnings, liability capital stock and revenue accounts they normally have credit or right-side balances.
Q. Explain about Equity or net asset? An equity or net asset is the residual interest in the assets of an entity that remains subsequent to deducting its liabilities and in the
How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?
Q. Explain about Sales discounts? Sales discounts when a company sell goods on account it clearly specifies terms of payment on the invoice. For instance the invoice in Exhibit
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
Q. Show Advantages and disadvantages of LIFO? The advantages of the LIFO method are based on the fact that prices have risen almost constantly for decades. LIFO supporters clai
i want to clear concepts of journal
For my accounting class, how would I journalize the adjusting entry for Annual depreciation is $3,480 on the building with the building amounting to $76,000 on the trial balance fo
As discussing the scope of accounting you should have observed here the accounting involves a sequence of activities connected with each other, starting along with the collecting,
What are the elements of accounting assets Assets are items with money value which are owned by a business. Some instance are: cash, accounts receivable (selling services or g
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