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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?
#question.outline basic elements to keep in mind while preparing an income statement?
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debi
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In recent years, there has been a lot of media coverage about the funding status of pension plans for state employees. In many states, the amount of money invested in employee pens
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Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu
Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage. (b) "Ledger is said to be the principal book entry and the t
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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