Account Receivable $3,000Cr. Revenue $3,000 Recognize revenue Receive cashPrepaid expenseExample, back to the Guang 20、hua case, from your point of 6view, the $80,000 is prepaid expense. That is, if on Sep. 2, 2002, you want to quit school, you will get money back (if you want...
— Income tax expense = Net income (NI) Sales revenue The proceeds or promised proceeds from sales less any sales and payment discounts granted. Typical journal entry: Accounts receivable* 70,372 Sales revenue 70,372 * For simplicity, I assume that all sales were on account. Cost of goods ...
4. If a bank reconciliation includes an NSF check for $45. The journal entry to record this reconciling item would include ___.A. Credit to Cash B. Debit to Cash C. Credit to Accounts Receivable D.No entry is required 5. An income statement reports ___.A. The assets, liabilities,...
Income Statement (损益表）Revenues (销售收入）-Cost of goods sold (COGS) （产品销售成本）= Gross Profit （毛利润）-Expenses （费用）= Earnings Before Tax （税前收益）-Tax （所得税）= Net Income （净收益）The purpose of firm is to earn income for investors through selling goods or ...
If payments are received personally and not recorded in QuickBooks, they will remain in the Accounts Receivable (AR) account. This can cause issues in your financial records in QuickBooks Desktop (QBDT). If you want to remove the AR so it isn't included...
Bills Receivable, Bills Payable Books and Accommodation Bills Customize your course in 30 seconds Which class are you in? 5th 6th 7th 8th 9th 10th 11th 12th Get ready for all-new Live Classes! Now learn Live with India's best teachers. Join courses with the best schedule ...
In SEIDO's books, the journal entry to record the brokerage commission would be:Dr. Accounts Receivable 10,000 Cr. Commission Income 10,000Note: The above entry is for the commission income only. There is a separate entry for the purchase of the stocks. It can also be incorporated with...
Just use the Accounts Receivable category so it can be used the reduce their invoice later on. Next, record the shouldered expenses as billable to the customer. This way, you can add it to their invoice. Next, record the invoice. Add the billable expense charge including what your company ...
As of November 30, 2012, each of the Debt,Income Taxes Payable, Income Taxes Refunds Receivable and Working Capital is accurately set out in Section 7 of the Company Disclosure Letter. Energy Marketing Payables 1,051 1,016 1,366 Accrued Payables 664 676 619Income Taxes Payable733 345 179 Tr...
Accounts receivable result from the sale of goods or services for cash. Which statement is false regarding the closing process? a. The Dividends account is closed to Income Summary. b. The closing of expense accounts results in a debit to Income Summary. c. The c...