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Explain the term- Reversing entries and Interim statements
Reversing entries - Made the first day of new accounting period. They are exact opposite of the adjusting entries made to record accrued expenses. (Salary is the only one that you would be doing.)
Interim statements are prepared during the fiscal year for periods of less than 12 months-monthly, quarterly, or semi-annually. These are used to create statements however aren't journalized until the end of year.
Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
twhat is debit?
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explain the separate set of books method for maintaining joint venture accounts
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Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
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