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Q. What is Gross selling price?
When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on account. Typically a seller quotes the gross selling price as well called the invoice price of goods to the buyer.
But sometimes a seller quotes a list price of goods along with available trade discounts. In this latter situation the buyer should calculate the gross selling price. The list price less every trade discount is the gross selling price. Merchandising companies that trade goods use the gross selling price as the credit to sales.
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
Q. Explain Interest revenue? Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accoun
I want a company law assignment
Matilda Crone owns and operates a public relations firm called Dance Fever. The following amounts summarize her business on August 31, 2014:
Having discussed the possibility of accounting and its emerging function, we are currently in a position to illustrates as to who is an accountant. In an attempt to reply this ques
Q. Illustrate Exchange-price concept? Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determine
On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins
Q. FIFO under periodic inventory procedure? The FIFO (first-in, first out) method of inventory costing suppose that the costs of the first goods purchased are those charged to
Is there nay depreciation needed to perform when the revaluation model is applied to the asset?
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