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Q. Example of supplies on hand?
On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows
Micro Train's two accounts recitations to supplies are Supplies on Hand (an asset) and Supplies Expense. Subsequent to this entry is posted, the Supplies on Hand account shows a debit balance of USD 1400 and the Supplies Expense account has a zero balance as shown in the following T-accounts
Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac
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Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
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How to prepare the worksheet Look carefully at worksheet in the text. Remember that it is an informal working paper used to prepare financial statements. Place transparenci
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A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the
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