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Determine the terms of Recording sales of merchandise
The SALES ACCOUNT is a temporary account with a normal credit balance. It's ONLY used to record sale of merchandise on account.
In a General Journal, Sales is credited; Cash is debited.
CREDIT SALES-Accounts Receivable, controlling account, and individual account is debited.
SALES JOURNAL- used only to record credit sales of merchandise.
AL MASA a sole trader,decided to install a new machine to use
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
Cowhand's Bar-B-Q House went into business on January 1, 2009. The following information is available at December 31, 2009: Sales revenue for the year $30
A company absorbs overheads on machine hours that are budgeted at 11,250. The budgeted overhead is $281 250. Results illustrate actual hours of 10 980 and overhead of $276 652.
When does something that is a debit becomes a credit?
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
The two fundamental sources of equity in a company are stockholders and creditors their combined interests are called total equities. To discover the equity ratio divide stockholde
Q. What is Consistency? Consistency in general requires that a company use the same accounting principles and reporting practices through time. This concept disallows indiscrim
transactions can be even directly entered to the ledger elaborate and explain why journal is necessary
FINANCIAL STATEMENT ANALYSIS Following the preparation of the Financial Statements, they are examined by the business for the reason of analyzing the presentation of the compan
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