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[DOC File]Account: The representation of assets, expenses ...
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Journal entries made to bring general ledger accounts up to date are adjusting entries. The complete series of activities involved in double-entry accounting during a fiscal period is the accounting cycle. If the debit part of a journal entry is not posted but the credit side is, assets will be understated.
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[DOC File]CHAPTER 9—VALUING ACCOUNTS RECEIVABLE AND …
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A ledger containing all the transactions in the debit and credit accounts of a business. Gross Profit: Net Sales lest Cost of Goods Sold. Income Statement: A financial statement showing a company’s results of operations for an accounting period or fiscal year. Internal Audit:
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[DOC File]1 - Drexel University
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53. After all the account balances have been extended to the Income Statement columns of the worksheet, the totals of the debit and credit columns are $62,300 and $57,000 respectively. What is the amount of the net income or net loss for the period? A. $5,300 net income B. $5,300 net loss. 54.
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[DOC File]DEBITS & CREDITS
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sold Debit Income statement Treasury Stock Stockholders’ equity Debit Balance sheet Uncollectible Accounts Expense Operating expense Debit Income statement Unearned Rent Current liability Credit Balance sheet Utilities Expense Operating expense Debit Income statement Vacation Pay Expenses Operating expense Debit Income statement Vacation Pay ...
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[DOC File]FA Chapter 2 SM
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Prepare Bank Final accounts: Debit Credit Issued and paid-up capital shares of Rs.100/- each 1500000 Profit & Loss A/c. balance as on 01.04.01 40000 Fixed deposits 2600000 Savings Bank A/c. 2100000 Current A/c. 3400000 Commission & Exchange 102000 Bills Payable 100000 Interest & discount 600000 Investment Reserve 25000 Reserve fund 310000 ...
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[DOC File]SUMMARY OF ACCOUNTING BASICS
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When a business sells merchandise to a customer on credit, Accounts Receivable is debited and Sales is credited: General Journal Page 1 Date Account Title P.R. Debit Credit 20-- July 1 A/R—Polo Company 1,000 Sales 1,000 (To record sales on account)
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[DOC File]Accounting: “About Accounting” Homework
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An aging of the accounts receivable indicated the amount probably uncollectible to be $3,900. Under these circumstances, a year-end adjusting entry for uncollectible accounts expense would include a: A. Debit to the Allowance for Doubtful Accounts for $1,400. B. Credit to the Allowance for Doubtful Accounts for $1,400.
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What Are Debits & Credits When Preparing an Income Statement? …
Debit Credit. 12. Will increase a liability account. Debit Credit. 13. An entry on the left side of an account. Debit Credit. 14. A revenue account's normal balance. Debit Credit. 15. The expected balance in Allowance for Doubtful Accounts. Debit Credit. 16. The balance you would expect in Unearned Revenues. Debit Credit. 17. The entry to ...
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[DOC File]ACCOUNTS OF BANKING COMPANIES
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These 16 accounts are from the Adjusted Trial Balance Columns of a company’s worksheet. In the blank space beside each account, write the letter of the appropriate financial statement column (A, B, C, or D) to which a normal account balance is extended. Debit column for the Income Statement columns. Credit column for the Income Statement columns.
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[DOC File]ACCOUNTING I
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The debit column is correctly stated because the erroneous debit (to Accounts Payable) is deducted from an account with a (larger assumed) credit balance. b. The credit column is understated by $37,900 because Accounts Payable was debited — it should have been credited.
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Income accounts debit or credit