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Q. Show Journalizing adjusting entries?
Subsequent to completing Micro Train's financial statements from the work sheet you should enter the adjusting entries in the general journal and post them to the appropriate ledger accounts. You would make these adjusting entries as you learned in section 3 except that the work sheet is now your source for making the entries. The making of a work sheet doesn't eliminate the need to prepare and post adjusting entries because the work sheet is only an informal accounting tool and is not part of the formal accounting records.
The numerical notations in the adjustments explanations and at the Adjustments columns the bottom of the work sheet identify each adjusting entry. The Adjustments columns show every entry with its appropriate debit and credit. Micro Train's adjusting entries since they would appear in the general journal after posting are
Q. Cash equivalents and investments? Cash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. SFA
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example of increase asset, decrease owner equity
Q. Define Expenses in terms of accounting? Expenses are outflows or else other using up of assets or incurrence of liabilities (or a combination of both) from rendering service
SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the org
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
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
Company took loans of rs 400000from mbl and issued 8% debentures of rs 500000b as collateral security pass journal entries regarding issue of debentures if any and show the loan in
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