Quote, Accounting Basics

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What is gross selling price, Q. What is Gross selling price? When a sal...

Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac

During the week ended may 15, During the week ended May 15, 2013, Scott Fai...

During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 p

Company''s present stock prices, How do your calculated stock prices compar...

How do your calculated stock prices compare to the company's present stock prices?   What do you think is causing them to deviate? This will need you to investigate a lit

Explain about sales account, Q. Explain about Sales account? In theory ...

Q. Explain about Sales account? In theory sellers could record both sales allowances and sales returns as debits to the Sales account for the reason that they cancel part of th

Branch accounting, Mohan brothers invoiced goods to their branch at cost pl...

Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by

What is accumulated depreciation, Q. What is Accumulated depreciation? ...

Q. What is Accumulated depreciation? Accumulated depreciation is a contra asset account to depreciable assets such like machinery, buildings and equipment. This account illustr

What is meant by cash book and day book and general leder, Cash Book: It is...

Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when

Can a buyer still avail the 2% discount if he/she partially, can a buyer st...

can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th

What are accrued items explain with example, Q. What are Accrued items expl...

Q. What are Accrued items explain with example? Delayed items consist of two types of adjusting entries asset/expense adjustments and liability/revenue adjustments. For instanc

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