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Q. Example of T-accounts?
Suppose that the last day of December 2010 falls on a Monday this expense account doesn't show salaries earned by employees for the last day of the month. Nor does any account illustrate the employer's obligation to pay these salaries. The T-accounts pertaining to salaries emerge as follows before adjustment
Prerequisite salaries are USD 3600 for four weeks they are USD 900 per week. Meant for a five-day workweek daily salary is USD 180. Micro Train formulates the following adjusting entry on December 31 to accrue salaries for one day
Subsequent to adjustment the two T-accounts involved appear as follows
The debit in the regulating journal entry brings the month's salaries expense up to its correct USD 3780 amount for income statement purposes. The credit to Salaries Payable files the USD 180 salary liability to employees. The balance sheet illustrates salaries payable as a liability. Another instance of a liability/expense adjustment is when a company incurs interest on a note payable. The debit would exist to Interest Expense and the credit would be to Interest Payable.
Q. Describe about Cash role in balance sheet? Cash includes deposits in banks obtainable for current operations at the balance sheet date plus cash on hand consisting of un-dep
Q. Sales Returns and Allowances account? The Sales Returns and Allowances account is the contra revenue account to Sales that records the selling price of merchandise returned
Purpose To assess your ability to: •apply REA ontology concepts to an organization •prepare diagrams for the identification of the flow of data through an organization
hi I was wondering you use provide the solution of the back of the book for advance accounting theory by Craig Deegan 4 edition ISBN - 13: 978-007101314 - 7 ISBN - 10: 007101314
10,000 dollar loan at a Maturity of 3 months, an 8% interest rate
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
Concept of 'Fund' : The word 'Fund' has a range of meanings. several people take it identical to cash and for them, there is no dissimilarity between Cash Flow and Funds Flow
what do you mean by 90% of the entire issue to be received before the allotment of shares?
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
what are the internal sources of accounting?
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