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Q. Introduction to inventories?
Subsequent to studying this chapter you should be able to
- Record the journal entries for sales transactions involving merchandise.
- Explain briefly cost of goods sold and the distinction between perpetual and periodic inventory procedures.
- Record the journal entries for purchase transactions involving merchandise.
- Explain the freight terms and record transportation costs.
- Conclude cost of goods sold.
- Prepare a categorize income statement.
- Analyze and use the financial results-gross margin percentage.
- Prepare a work sheet as well as closing entries for a merchandising company.
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
Posting closing entries When closing entries are entered in the General Journal, they must appear on the next line after Adjusting Entries. The words "Closing Entries" must be
The range of accounting can be presented in a diagrammatic form. Data collection and creation is the area that provides raw material for accounting. The data collecte
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a physical inventory on december 31 shows 2,000 units on hand. holliday sells the units for $12 each. the company has an effective tax rate of 20%. holliday uses the periodic inv
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Q. What is Sales Discounts account? The Sales Discounts account is the contra revenue account to the Sales account. In the income statement the seller deducts this contra reven
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