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Difference between Debit and Credit
Debit-used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period.
Credit-closed to Income Summary at the end of accounting period (along with all other expenses).
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
which account rules
1. If market interest rates are higher than the rate offered on the bonds being sold, they will be sold at: A. a premium. B. a discount. C. face value. D. a loss.
1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially rec
Preparing financial statements for a merchandising business (The statements are completed in this order.) 1. Income Statement (contains only expenses and revenue and show
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years an
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
J Green''s financial position at 1 May 2008 was as follows bank 2,910 cash 160 equipment 5,900 premises 25,000 creditors R smith 890 t thomas 610 debtors j car
how to do
Q. Financial statements in European countries? In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not repo
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