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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.
Enumerate the term- Cash discounts Offered to encourage prompt and early payment by buyer. Cash discounts are recorded in accounting records of both the buyer and the seller. S
Q. Cash collection as point of revenue recognition? Several small companies record revenues and expenses at the time of cash collection and payment which may not take place at
i have an assignment fro perdisco platform managing general entries of basic accounts will u guys be able to help with it
Q. Define the Opportunity cost? Opportunity cost -- a useful notion in evaluating alternate opportunities. If you choosealternative A, you can't choose B, C, or D. What is the
Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto
The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery Truck
HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL100 words accepted#
State the term- Purchases Returns and Allowances Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of mercha
what is an accounting cycle
Q. Balance of the Merchandise Inventory account? The balance of the Merchandise Inventory account is a cost of the inventory that should be on hand. This fact is a major reason
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