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Q. Need for adjusting entries?
The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An income statement that doesn't report all revenues and expenses is inaccurate, incomplete and possibly misleading. Likewise a balance sheet that doesn't report all of an entity's assets and liabilities and stockholders' equity at a specific time may be misleading. Every adjusting entry has a dual purpose to make the income statement reports the proper revenue or expense and to make the balance sheet report the proper asset or liability. Therefore every adjusting entry affects at least one income statement account and one balance sheet account.
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
Liquid Extracts Company makes a line of fruit extracts for home use in making wine, jams and jellies, pies and meat sauces. Fruits enter the production process in pounds; the prod
implication of applying accounting concepts
what accounts go into a balance sheet
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nWhat is the implication of applying accounting concepts wrongly.imum 100 words accepted#
office supplies on hand at year end amounted to 3000
Determine about the Sales returns and allowances Allowance results when a buyer decides to keep defective or damaged goods though at a reduction from the original price.
On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
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