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Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service revenue of USD 13200 and interest revenue of USD 600 Exhibit 20. For the reason that revenue accounts have credit balances you must debit them for an amount equal to their balance to bring them to a zero balance. When you debit Service Revenue as well as Interest Revenue, credit Income Summary enter the account numbers in the Posting Reference column when the journal entry has been posted to the ledger and Do this for all other closing journal entries.
Subsequent to the closing entries have been posted the Service Revenue and Interest Revenue accounts (in T-account format) of Micro Train appear as follows. Note that the accounts currently have zero balances.
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The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount
A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region
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The ratio of __________ to __________ is an example of a __________ ratio. A. quick assets; current liabilities; leverage B. cost of goods sold; total assets; asset utilization
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. e
Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w
what is Accounts payable process?
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