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List the GL entries (debit and credit) for the following items - list debit/credit by date for each date listed.
On January 2, 2015, an agency decides to order $2,000 of office supplies. The agency has made firm orders for specific vendors. The amounts total $2,000. There are no advances. What is the GL entry when the agency signs the order (but has not yet received the supplies),
On February 2, 2015, the agency receives the goods – the goods are considered expenses, and are not considered personal or real property (or inventory). What is the GL entry?
On February 17, 2015, the vendor receives payment for the goods. How did the vendor (likely) receive payment? Who actually paid the vendor, in most cases? What is the GL entry?
On December 28, 2012 Piedmont Supply Co. ships $155,000 of merchandise by common carrier to the Maxwell Company. The terms of the sale are 3/15, n/45, FOB destination. It takes 5 days for the merchandise to arrive at Maxwell Company. Both Piedmont Su..
Pack & Carry is debating whether to invest in new equipment to manufacture a line of high-quality luggage. The new equipment would cost $1,728,125, with an estimated five-year life and no salvage value. All revenue from the new luggage line and all e..
Explain why is direct labor a poor base for allocating overhead in many companies? In what situation would it be a strong and better way to allocate overhead? What bases do you feel are the most commonly used by most large companies? Explain.
What action accept or else reject the offer do you recommend to Valstar's management? Explain why you recommend this action
The process for converting present values into future values is called ______. Investments and loans base their interest calculations on one of two possible methods: the ____ interest and the ____ interest methods.
Briefly describe when petty cash fund should be replenished. Because there is cash on hand, is there a need to replenish the fund at year end on December 31? Explain.
Davies Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is net cost of the goods if Davies Company pays within the discount period?
calculation of each partners share of the net income.at the end of the first year of operations on 123108 fmr companys
Write a one-page action plan, in memorandum format, discussing how you would obtain an understanding of key business processes of a company that hires you to provide financial services. The memorandum should specify an industry, a product, and one se..
a year ending balance sheet showed the subsequent subtotals current liabilities 80000property plant and equipment
The Little Rock Division of Classics Companies currently reports a profit of $3.5 million. Divisional invested capital totals $9.4 million; the imputed interest rate is 15%. On the basis of this information, Little Rock's residual income is:
Explain how and why some changes in accounting principle are reported prospectively. Explain how and why changes in estimates are reported prospectively. Describe the situations that constitute a change in reporting entity.
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