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Q. Explain about Purchase discounts?
Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they pay invoices within a specified time. Suppose that credit terms for Hanlon's May 4 purchase are 2/10, n/30. If Hanlon pays for the merchandise by May 14 the store may perhaps take a 2 percent discount. Therefore Hanlon must pay only USD 29400 to settle the USD 30000 account payable. The entry to files the payment of the invoice on May 14 is
Determine about the revenue section Revenue section provides a figure for net sales, which is balance of the Sales account, less the balances of contra sales accounts. (Sales -
Some companies announce pro forma earnings and then disclose real earnings measured under US Generally Accepted Accounting Principles (GAAP) in their quarterly financial reports.
difference between credit and debit
diagram .
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
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Q. Introduction to inventories? Subsequent to studying this chapter you should be able to - Record the journal entries for sales transactions involving merchandise. - Exp
Balance Sheet Classi?cations and Relationships Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $
Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet
A bank statement showed an overdraft of $750. A cheque issued in payment of rent for $570 had not been presented, and a cheque for $624 received was omitted from the statement. The
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