Accounting questions and answers free

morgaine300 · Feb 28, 2010, 09:24 PM

You don't post anything to a balance sheet and income statement. You make journal entries, post the entries, go through a series of period-end stuff, and then do statements off that info, last.

Is this homework by chance?

If not, are you using periodic or perpetual, and are you using some kind of software. If using software, you should be able to do credits both from your vendor and to your customer.

naynaymusick · Jun 4, 2010, 12:32 PM

Provide an explanation of the reasons a brand new company, family owned company and long standing corporation, would need a financial forecast.

alsouki · Jan 31, 2012, 01:50 PM

one container contain 2 items but different amount and quantity,for the charges and expenses percentage how we add it to the 2 items is it depends on quantity or amount to have the last price of each item.

connie54 · Feb 22, 2012, 12:37 PM

my company is selling a truck load of tuna to a company but they are going to pay us before we ship it to them how do i post the entry.

pready · Feb 22, 2012, 01:01 PM

Debit Sales Revenue or other appropriate account
Credit Accounts Receivable

Mimie · Mar 13, 2012, 08:06 AM

the factory cost of production is found by what?

twoods2725 · Mar 18, 2012, 03:04 PM

how to journalize accrued service revenue of 1400 dollars

bapou · May 20, 2012, 03:34 AM

I would liked to know if there is an alternative name for the Profit and Loss Appropriation Account section for a company as per international standards?

paraclete · May 20, 2012, 06:51 AM

Quote:

Originally Posted by 2Sam22

I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
I returned that chair to my vendor and got a full refund of $2,500.
I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
How do I post these transactions my Balance sheet and Income statement

where I come from these all happened in the same accounting period therefore you have sales of $3500 and cost of sales of $2200. The original purchase and the return net themselves out
Transactions are recorded when they take place not months later

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