Explain why there may be a difference between the bank statement ending cash balance and the ending balance in the Cash account. Give at least two examples each of adjustments to the bank balance and to the book balance. Is there a difference between bookkeeping and accounting? Discuss. ...
Why accountants need to make journal entries in the accounting information systems. What is the account that is used the most in any business? and Why? Explain in detail. Explain how to book a loan that is issued to a customer on the balance sheet. Explain the steps in the ac...
150,000. 80% of sales were on credit to Ms.N. Paid insurance premium for the year: 12,000 Depreciation on the plant: 4500 per year. Ms. N paid 50% of the money due. Required: Journal entires Necessary ledger accounts Trial balance Financial statements 2. Following are some of the ...
The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. The chart of accounts lists the accounts that are available for recording transactions. In keeping with thedouble-entry systemof accounting, a...
Daisy’s year end is 30 September, however, subsequent to the year end the company’s sales ledger has been corrupted by a computer virus. Daisy’s finance director was able to produce the financial statements prior to this occurring; however, the audit team has been unable to access the ...
Hawthorn’s receivables ledger has increased considerably during the year, and the year-end balance is $2·3 million compared to $1·4 million last year. The finance director of Hawthorn has requested that a receivables circularisation is not carried out as a number of their customers complained...
Explain the procedure for balancing a ledger account. Does Starbucks offer a pension? If so, how does it work, and where did you find this in the statements? What do you understand with the terms annuity kind of cash flow? Explain how to account conservatism on balance sheet. How is Init...
How to calculate the account receivable turnover? What is the formula? Explain. Explain accounts payable accounting using a real example and general ledger accounts. What are the accounting concepts/conventions used to prepare financial statements of an entity?
Create an account Ask a question Our experts can answer your tough homework and study questions. Ask a question Search AnswersLearn more about this topic: Accounting Principles | Definition & Importance from Chapter 2 / Lesson 9 103K Learn about accounting princi...
Explain where does electricity bill fall under in account balance. Explain where does the interest paid to go on the statement of cash flows. Explain how to account for invoices received a year late gap. Explain what a prepaid expense is and how it is recorded on the ...