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Q. What is Prepaid rent explain with example?
Prepaid rent Prepaid rent is another instance of the gradual consumption of a previously recorded asset. Suppose a company pays rent in advance to cover more than one accounting period. On the date it compensate the rent the company debits the prepayment to the Prepaid Rent account (an asset account). The company hasn't yet received benefits resulting from this expenditure. Therefore the expenditure creates an asset.
We measure rent expense likewise to insurance expense. Usually the rental contract specifies the amount of rent per unit of time if the prepayment covers a three-month rental we charge one-third of this rental to each month. Become aware of that the amount charged is the same each month even though some months have more days than other months.
One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu
State about the Reporting sales taxes collected SALES TAX PAYABLE - CREDIT BALANCE SALES RETURNS INVOLVING A SALES TAX Tax should also be returned to the customer.
what is book keeping?
formation of partnership and changes in constitution of parternship
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equip
You just took out a variable-rate mortgage on your new home. The mortgage value is $100,000, the term is 30 years, and initially the interest rate is 8%. The interest rate is fixed
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Q. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st
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#Q. Example on closing process?
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