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Determine the concept of Closing entries-(REID)
1) Close Sales account and other income statement accounts with credit balances to Income Summary.
2) Close each expense account and other income statement accounts with debit balances to Income Summary account.
3) Close Income summary account to owner's capital account.
4) Close the Drawing account to capital account.
Paid salaries to sales clerks
entry for bad debts provision
Calculate the amount of assets for Company
Q. Illustrate Periodic inventory procedure? Companies by means of periodic inventory procedure make no entries to the Merchandise Inventory account nor do they maintain unit re
I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?
Invoice is a text which haves the under mentioned details compulsorily. 1. Invoice Number 2. Name and address of the person 3. Invoice date Name and address of someone
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
Start in cell E3. Complete the series of substitution values ranging from 5 to 15 at increments of 1, vertically down column E.
need to get assignment done, its corporate accounting.
Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.
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