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My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order gets shipped. How to enter this transaction in books of accounts?
Q. Show Adjustments for deferred items? This segment discusses the two types of adjustments for deferred items asset/expense adjustments and liability/revenue adjustments. In t
The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
What are the issues related with Accounts receivable? Ans) As the Accounts Receivable, you will: ? Oversee and determine all issues related to cash application to make sure
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Received $170,000 cash from Electronic Arts, Inc. for service revenue earned in January.
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You are required to create other current asset account and label it as prepaid inventory. This account will be consider as debit and cash will be credited as down payment. Once you receive the inventory,it would be credited in the prepaid inventory account as well as debit inventory. When you receive the remaining stock that account will be now debited and the accounts payable account will be credited. After paying the remaining amount, the account payable account would be debited and the cash account would be credited.
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