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Q. What are adjusting entries?
When you start to analyze business transactions you saw that the evidence of the transaction is typically a source document. It is any printed or written evidence that describes the essential facts of a business transaction. Instance are receipts for cash paid or received checks received or written bills sent to customers or bills received from suppliers. The giving and receiving or creating of source documents triggered the journal entries made. The journal entries we talk about in this section are adjusting entries. The onset of the end of the accounting period triggers adjusting entries. Accountants utilize adjusting entries to bring accounts to their proper balances before preparing financial statements.
Q. Income statements - Service and merchandising company? We evaluate the main divisions of an income statement for a service company with those for a merchandising company. To
The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t
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my unadjusted balance is not the same under credits and debits? And I can''t figure what went wrong.
Q. Explain double-entry procedure? The double-entry procedure maintains the accounting equation in balance. The dual recording process generates two sets of accounts those with
Q. Underlying assumptions or concepts of accounting? The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money
Q. What is Accrued expenses? Accrued expenses, accruals -- an expense that has been incurred though not yet paid for.Salaries are a good instance. Employees earn or accrue salar
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the
Capital In addition to borrowing from banks and additional sources, all companies obtain finance from their owners. This money is usually accessible for the life of the busines
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