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Closing Entries: ExpensesBelow is a list of accounts with corresponding ending balances.Account: Account Balancea.Insurance Expense: $1,300b.Cash: 750c.Accounts Receivable: 4,000d.Cost of Goods Sold: 2,300Prepare one summary entry to close those accounts that should be closed at the end of the year.
what type of control procedures were ignored at daiwa
The opening entries 1. Assets of the estate or trust In both cases the various assets of the estate or trust are debited to appropriate accounts and credited to the Estate Ca
ACTS OF BANKRUPTCY The following are the acts of bankruptcy on which a petition may be founded: (a) Assignment of property to trustee: whereby one gives up all his proper
Define the term- How are businesses organised Nearly all businesses which involve more than a few owners and/or employees are set up as limited companies. This means that finan
Q. What are Junk Bonds? Junk Bonds - DEBT SECURITIES issued by companies with higher than normal credit risk. Considered ‘non-investment grade' bonds, these SECURITIES ordinari
Q. Ownership and Control related issue of debt? Issuing equity is able to have ownership implications for a company particularly if the finance is raised by a placing or offer
Let us assume you expect to obtain Rs.2000 yearly for the next three years. The receipt of Rs.2000 is evenly divided. One part that is: Rs.1000 is obtained at the beginning of the
Defunct Companies A company may be dissolved under s.338 without winding up if the registrar has reasonable cause to believe it is defunct: The procedure is: a. Registrar writ
Consider a worker who earns $8.00 per hour and has no other source of income. Compare the following two transfer policies: i. A negative income tax that sets the tax (per day)
Q. What is Asset? Asset - An economic resource which is expected to be of benefit in the future. Probable futureeconomic benefits attained as a result of past transactions or e
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