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Type: Posts; User: helemuo
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tsantillo,
Your calculations are correct. But how did you get $579 expense from item no4. You probably have more info on it that you stated.
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Dr Mortgage Account $25,000
Cr Cash account 25,000
Dr Mortgage interest $7,500
Cr mortgage Account $7,500
Note: crediting mortgage account with 7,500 removes the interest charge. Debiting...
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Dr Bad debt expense for the month
Cr Provision for doubtful debts allowance
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To understand what action you take in adjusting expense and revenue, you must understand that expense is a debit balance and revenue takes a credit balance. Now, to understate an expense account is...
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Dr Cash
Cr unearned Income or Deferral Account
To record portion of income earned in advance
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There are four basic forms of business combination and control. You need to study the features of Statutory Merger, Statutory consolidation, Acquisition of Common Stock, and Acquisition of Assets to...
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The rule is: Dr assets, Expenses & losses; Cr liabilities and gains
Credit Mortgage and Dr freehold premises; Dr returns inward; Dr carriage inward; Dr sundry debtors. Mortgage interest payable is...
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Weighted Average: as the name implies, it takes the average price per unit of inventory. The result is to smooth en the fluctuations in price level
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Provision for bad debts or uncollectible for period is $1,150. But actual bad debts for the period is $1,250. The difference is $100 additional expense to be written off the balance sheet. Therefore...
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Journal Entries DR CR
Aug1 Cash Ledger 7,500
Photographic Equip. 32,000
Owner Equity ...
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slight correction. Regular sale is projected at 240,000 x $1= $240,000 profit. Additional increase $(240,000 +30,000)=$270,000
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Profit will increase by $30,000 as follows:
Units to manufacture=300,000. Variable Cost (VC) is $750,000. Variable cost per unit
is $750,000/300,000=$2.5. Fixed cost is $450,000. Average fixed...
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Opening balances or balance carried forward are either credit or debit. If, for example, your opening balance is coming from Account Receivable ledger, you draw up a T account and write balance...
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Using Perpetual Inventory method means that you should open Cost of Goods Sold ledger with a debit entry. Any shortage arising thereof is credited because it is a deduction from from the first entry....
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Bonds Selling price= present value of the principal + present value of the interest payments
Present value of $300,000 ten periods at 3%=300,000x0.74409=$223,227
present value of $12,000 annuity...
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You have $200,000 account receivable in the beginning and $240,000 at 31 December. The difference is $40,000 which you should base the 5% provision on. The old provision was based on $200,000. Does...
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Rinnah, see your transactions as series of debits and credit and your figure for bad debt expense equals= $6,900. First, the provision for bad and doubtful debts is a credit balance of $10,00. When...
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