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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 throughout the current accounting period. The Purchases account which is enlarged by debits appears with the income statement accounts in the chart of accounts.
To illustrate entries affecting the Purchases account supposes that Hanlon Retail Food Store made two purchases of merchandise from Smith Wholesale Company. Hanlon buy USD 30000 of merchandise on credit (on account) on May 4 as well as on May 21 purchased USD 20000 of merchandise for cash. The necessary journal entries for Hanlon are
The buyer deducts purchase returns and purchase discounts and allowances from purchases to arrive at net purchases. The accountant files these items in contra accounts to the Purchases account.
AL MASA a sole trader,decided to install a new machine to use within her sole trader business
stpes to be taken prepaing for final accounts
Q. Income taxes payable? Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The comp
untangible assets
On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00. His bank statement showed a balance of $4,270.00. On comparison the following we
Q. Traditional body of accounting theory? Presenting the traditional body of theory first as well as the conceptual framework second gives you a sense of the historical develop
How can price inflation effect a university negatively in the future? Like, what are a few things in the university that will be impacted?
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
INCOME SUMMARY ACCOUNT This is a temporary account which used to summarize the balances of temporary revenue and expense accounts. This is also known as a clearing account. The
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