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Q. What is Unbilled training fees?
A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting period. Micro Train Company carries out USD 1000 of training services on account for a client at the end of December. Ever since it takes time to do the paper work Micro Train will bill the client for the services in January. The essential adjusting journal entry at 2010 December 31 is:
Subsequent to posting the adjusting entry the T-accounts appear as follows
The service revenue emerge in the income statement the asset accounts receivable appears in the balance sheet.
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
State the list of Special journals Purchases - All credit purchases of merchandise Cash Payments - All payments of cash Sales - All credit sales of merchandise
what are special journals
What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
stpes to be taken prepaing for final accounts
1. PDQ Corp. has sales of $4,000,000; the firm''s cost of goods sold is $2,500,000; and its total operating expenses are $600,000. The firm''s interest expense is $250,000, and the
Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product. The company believe
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
GENERAL
Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili
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