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Journal Entry Question:
Prepare the journal entry for the following transaction:
Paid rent 200
Q: What are the things I need first to begin studying accounting?
A: Mot sure exactly what you mean here Juana.
If you mean if you need to have …
Example of a Liability?
Give an example of a liability.
Groff Profit Percentage Question
Q: The following information relates to 20.6/20.7 financial year of ABC:
Debit Rent Credit What?
Q: Paid office rent is a debit to rent expense - what would the credit be?
Journal Entry: Cash Purchase of Goods
Bought goods for cash $23000, how will i post it?
Briefly detail your understanding of the use and purpose of balance sheet accounts in stock accounting...
Trial Balance Should Always Balance?
Should the debit and credit totals of a trial balance always agree? If so, why ?
The Best Accounting System
"The best accounting system provides managers with all the information they would like to have." Do you agree with this statement? Why or why not?
T-Accounts, Adjusting & Closing Entries, Trial Balance and Financial Statements Exercise
Οn October 1, 20xx, Jason Dauphinais opened Dauphinais Appliance Serνice. During the month, he completed the following transactions for …
Hi, When posting to the general ledger from the cash receipts journal, you post to the credit side. Is this because debtors control and settlement discount …
Accounting Equation Exercise
Lynn Shackelford is the owner and operator of Galaxy LLC, a motivational consulting business. At the end of its accounting period, December 31, 2011, Galaxy …
Calculating the Liquidity Ratio
Q: How do you calculate the liquidity ratio?
Accounting for Debit and Credit Card Transactions
How do you account for purchases made by debit or credit card?
Insurance Claim Journal Entry
An asset of Mr. X's was destroyed by fire on 1.08.09. the following particulars are ascertained from the book and records:
- Stock at count as on 31.3.08 …
Manufacturing Costs Question
(The cost of raw materials purchased during the year)
Please help me with the following manufacturing costs question:
Bad debts in Cash Flow Statement?
Q: Where is the writing off of bad debts entered on the cash flow statement?
A: It's not in the cash flow statement as it's …
Accounting Errors in the Workplace
Q: In a workplace environment, if after many attempts, you are unable to correct an error that has been made, what should you do?
Accounting for Donations
Q: An organization recently got a donation of a Motor Vehicle purchased for $40,000. How does the receiving organization account for it?
Debtors Control - Credit Balance?
Q: Is it possible for a debtor to have a credit balance?
Debits and Credits:
Why Liabilities on Credit Side?
Q: Hi, can you please explain to me WHY it is a general rule that increased liabilities would be on the credit side of a double entry equation??? Can't …
Q: What do you mean by contingent liability?
Trading account (Cost of Goods Sold Formula)
Q: What is the formula for Cost of goods sold in terms of sales?
Click here to write your own.