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One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday through Thursday, at a rate of $30 per day. Billing is done every Friday. During the month, revenue is recorded when billing is done. How do I record adjusting entry?
Q. Explain Accounting entity concept? Business entity concept (or accounting entity concept). Data assemble in an accounting system relates to a specific business unit or entit
Q. Corporate accounting and accounting for sole proprietorship? Several textbook authors use a sole proprietorship and a partnership form of business ownership to exemplify acc
Q. What is Marketable securities? Marketable securities are temporary investments such like short-term ownership of stocks and bonds of other companies. Such investments don't
Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets
norman co borrows $15,000 with a 8%interest 38,000 account receivable paid $26,000 salary
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
A department transferred 7,000 units to the finished goods storeroom during a month. There was no beginning work in process inventory, but 500 units were still in process at the
Q. Explain Statement of retained earnings? The statement of retained earnings demonstrates the change in retained earnings between the beginning and end of a period e.g. a mont
A view organizes diagrams into logical groups to explain a particular aspect of the system. It is the abstraction of the system prepared is such a way as to give a perspective of a
Ower invested cash in the company along with equipment at market value, the amount is considered part of capital or revenues?
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