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New Member
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Feb 28, 2010, 09:59 PM
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Accounting questions and answers free
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
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Uber Member
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Feb 28, 2010, 10:24 PM
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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.
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New Member
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Jun 4, 2010, 12:32 PM
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Provide an explanation of the reasons a brand new company, family owned company and long standing corporation, would need a financial forecast.
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New Member
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Jan 31, 2012, 02:50 PM
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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.
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New Member
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Feb 22, 2012, 01:37 PM
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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.
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Ultra Member
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Feb 22, 2012, 02:01 PM
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Debit Sales Revenue or other appropriate account
Credit Accounts Receivable
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New Member
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Mar 13, 2012, 08:06 AM
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The factory cost of production is found by what?
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New Member
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Mar 18, 2012, 03:04 PM
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How to journalize accrued service revenue of 1400 dollars
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New Member
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May 20, 2012, 03:34 AM
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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?
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Ultra Member
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May 20, 2012, 06:51 AM
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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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New Member
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May 24, 2012, 03:05 PM
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Re
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New Member
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May 24, 2012, 03:06 PM
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Hello
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Ultra Member
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May 27, 2012, 04:55 AM
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We have finished with this now
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New Member
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Jun 22, 2012, 08:46 AM
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Start-up with two partners received a total of $40,000 from four individual investors giving 10K each. They company showed zero profit for the last calendar year and is now filing tax returns. All investment dollars are now gone. How do they file?
The partners were paid from the investment dollars to create the company. Do they file those dollars as income or something else?
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Ultra Member
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Jun 22, 2012, 04:15 PM
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New thread
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New Member
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Aug 16, 2012, 11:13 AM
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Are there any internal control issue if someone in billing does the application of cash receipt? The billing doesn't do the deposit. Someone in GL record the deposit and someone else in GL makes the deposit and give the copy of the checks to billing to apply the payments. What will be the issue here? Thank you
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Ultra Member
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Aug 16, 2012, 03:23 PM
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Please don't append new questions to old questions
Internal control relys on the separation of duties and certain checks. The scenario you present means that a bogus invoice could be raised and the cash appropriated, it also means that the cash could be appropriated and the accounts be maniputated by the billing process
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New Member
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Sep 13, 2012, 02:01 PM
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The adjustment for accrued wages failed to include the closing date wages. This would
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Ultra Member
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Sep 13, 2012, 07:22 PM
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??
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New Member
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Oct 19, 2012, 02:07 PM
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You credit REVENUES EARNED, and if the revenues are receivable you debit to ACCOUNTS RECEIVABLE
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