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“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.
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
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 p
Annual interest of 5% paid if balance exceeds 800, $7 monthly fee if account falls below minimum balance, average monthly balance $1,160, account falls below $800 during 5 months
Present value -- a notion that compares the value of money available in the future with thevalue of money in hand today. For instance $78.35 invested today in a 5% savings accountw
Q. What is accounting system? Accrual basis, system, or method -- an accounting system which records revenues andexpenses at the time when transaction takes place,not at the ti
Q. Maplehurst Company? Maplehurst Company manufactures huge spinning machines for the textile industry. The company had purchased USD 100000 of small hand tools to utilize in i
test 1
journal entries and how to calculate entries 1. Braves estimates bad debt expense at 2% of net sales 2. At 12/31/11, 6 months of rent remains on the storage facility Braves lease
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
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