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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 instance prepaid insurance and prepaid rent are assets until they are used up then they become expenses as well unearned revenue is a liability until the company renders the service then the unearned revenue becomes earned revenue.
Accrued items consist of two kinds of adjusting entries asset/revenue adjustments and liability/expense adjustments. For instance assume a company performs a service for a customer but has not yet billed the customer. The accountant files this transaction as an asset in the form of a receivable and as revenue because the company has earned revenue. As well assume a company owes its employees' salaries not yet paid. The accountant files this transaction as a liability and an expense because the company has incurred an expense.
The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31,
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Q. Define Gains and Losses? Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events
Account titles and explanation column The first row of an entry shows the account debited. The second row shows the account credited. Notice that we notch the credit account t
i need to pay rent for 3 year 2011,2012,and 2013. am in 2012 1 December. what entries will be there for rent account and the rant account balance amount
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
1. If market interest rates are higher than the rate offered on the bonds being sold, they will be sold at: A. a premium. B. a discount. C. face value. D. a loss.
Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and
on 10/15 the academy agreed to teach a four month class (beginning immediately) to an individual for $2,200 tuition per month payable at the end of the class. the class started on
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $75
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