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Q. What is sales transaction?
- In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer.
- An invoice is a document prepared by the seller of merchandise as well as sent to the buyer that contains the details of a sale such as the number of unit price, units sold, total price, terms of sale and manner of shipment.
- Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on account the debit is to Accounts Receivable and the credit is to Sales.
is exploration cost for mining companies regarded as assets or expense?
Q. What is Owners invested cash? When Metro Courier Inc was structured as a corporation on 2010 June 1 the company issued shares of capital stock for USD 30000 cash to Ron Chan
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
Q. What is Unbilled training fees? A company may possibly perform services for customers in one accounting period while it bills for the services in a different accounting peri
Q. What is Operating revenues? Operating revenues are the revenues generated by the main activities of the business- generally the sale of products or services or both.
assignments
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
Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
Q. What is trial balance? The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accou
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