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Q. Show Recording changes in dividends?
Recording changes in dividends ever since dividends decrease retained earnings increases appear on the left side of the Dividends account and diminish on the right side. Therefore the firm records payment of a USD 2000 cash dividend as follows At the last part of the accounting period the accountant transfers any balances in the expense and revenue and Dividends accounts to the Retained Earnings account. This transfer take place only after the information in the expense and revenue accounts has been used to prepare the income statement. We illustrate and discuss this step in section 4. To resolve the balance of any T-account total the debits to the account total the credits to the account and deduct the smaller sum from the larger. If the total of the debits exceeds the sum of the credits the account has a debit balance. For illustration the following Cash account uses information from the preceding transactions. The account contained a debit balance of USD 13400 computed as total debits of USD 16000 less total credits of USD 2600.
Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings a
Q. Instalments basis of revenue recognition? When accumulating the selling price of goods sold in monthly or annual instalments and considerable doubt exists as to collectabili
Q. Explain about realization principle? Realization of revenue Under the realization principle the accountant doesn't recognize (record) revenue until the seller obtains the ri
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry
Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable
Q. LIFO under periodic inventory procedure? The LIFO (last-in, firstout) method of inventory costing presume that the costs of the most recent purchases are the first costs cha
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.
Q. What do you eman by Purchases account? In periodic inventory procedure a merchandising company uses the Purchases account to record the cost of merchandise bought for resale
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically
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