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In this financial event, determine the two topics of each event and then catergorize those two topics into one of the following: asset, liability, equity, revenue, or expense
Explain the double entry accounting system and why each journal entry includes at least one debit and one credit which both are equal
Example: Event (1)
Event (1) Investment of cash by stockholders cash is asset and stock is equity, Event (2) note issued in exchange for cash, Event (3) Purchase of office equipment for cash Event (4) Purchase of supplies on account, Event (5) Hiring of employees
I think I might understand this, but want to make sure. This is what is called a journal entry
Prepare the adjusting journal entry to record bad debt expense for the year. If the allowance for doubtful accounts had a debit balance of $900 instead of a credit balance of $2,800, prepare the adjusting journal entry for bad debt expense.
During the fourth quarter of 2013, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Clarke's Roofing. Using the forms supplied on pages 4-58 to 4-61, complete the following for the fourth quarter:
a not-for profit nursing home has total expenses of 50 million. sales tax in the state is 7. expenses are broken down
Do you agree or disagree with the statement: Understanding accounting will not only help you in business, but also in your personal finances.
Ms. Fresh bought 1,000 shares of Ibis Corporation stock for $5,000 on January 15, 2009. On December 31, 2011 she sold all 1,000 shares of her Ibis stock for $4,500.
Discuss whether the "inscription" metaphor gives you some new understanding of accounting. If so, what are the features highlighted by this particular metaphor
Garfunkel, Inc. has incurred $6 million in developing a computer software product for sale to third parties. Of the $6 million costs incurred, $4.5 million is capitalized.
What liability is reported on the fund financial statements at the end of 2011?
The required rate of return on this investment is 15%. Calculate the Net Present Value of this machine
Using the percentage of net sales method. uncollectible accounts expense for the year is $54000, balance of allowance for uncollectible is 18000 creedit befor adjustments what is the balance after adjustments?
The auditor must assess this risk as a basis for identifying areas most likely to be misstated as well as a basis for determining the overall audit approach and extent of procedures to be performed. Do you agree? Please explain.
200000 shares of cs issued and outstanding at dec. 31 2009. july 1 2010 issued a 10 stock dividend. unexercised stock
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