Date Account Debited Invoice No. Ref. Accounts Receivable Dr. Sales Cr. Cost of Sales Dr. Inventory Cr. Purchases Journal P1 Date Account Credited Terms Ref. Inventory Dr. Accounts Payable Cr. Cash Receipts Journal CR1 Date Account Credited Ref. Cash Dr. Sales Disc’ Dr. Accounts Receivable
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liabilities are obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets‚ or the creation of other liabilities. Accounts Payable or trade accounts payable‚ are balances owed to others for goods‚ supplies‚ or services purchased on open account. Notes Payable are written promises to pay a certain sum of money on a specified future date and may arise from purchases‚ financing‚ or other transactions. The portion of bonds‚ mortgage notes
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Ratio Analysis & Valuation of Glaxo SmithKline Bangladesh Limited Submitted To: Suborna Barua Course Instructor School of Business‚ UIU Submitted To: Tanvir Ahmed Patwary ID: 111 092 142 Sec: B Date of submission: 9th September‚ 2012 1 United International University Overview of Pharmaceuticals Industry The Pharmaceuticals Industry in Bangladesh is maintaining its momentum of strong double digit growth. In 2010‚ the market exceeded Taka 6 billion (US$ 900m) with a growth of about
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CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Concept of liabilities; definition and classification of current liabilities. 2. Accounts and notes payable; dividends payable. 3. Short-term obligations expected to be refinanced. 4. Deposits and advance payments. 5. Compensated absences. 6. Collections for third parties. 7. Contingent liabilities (General). 8. Guaranties and warranties. 9. Premiums and awards offered to customers. Questions
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The following items appeared in the accounting records of Triguero’s‚ a retail music store that also sponsors concerts. Classify each of the items as an asset‚ liability‚ revenue‚ or expense from the company’s viewpoint. Also indicate the normal account balance of each item. Classification Normal Balance a. The albums‚ tapes‚ and CDs held for sale to customers A Debit b
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Robert‚ the lead warehouse receiver Jennifer‚ sales and accounts payable Bradley‚ the warehouse general manager Lu Ellen‚ the shipper Buster‚ the shipper Lloyd‚ the purchasing agent Spare‚ for temporary help Jennifer works in the Sales Department by day and part-time as the evening accounts payable clerk with credit memo privileges to correct customer orders. Jennifer is a valuable asset for the organization. Since she joined the accounts payable department‚ the late payment rate has dropped by 20 percent
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Answer for Tutorial 3 Fin 3000 – Managerial Finance September 2012/2012 Problems: 14-1 Net Working Capital Requirements JohnBoy Industries has a cash balance of $45‚000‚ accounts payable of $125‚000‚ inventory of $175‚000‚ accounts receivable of $210‚000‚ notes payable of $120‚000‚ and accrued wages and taxes of $37‚000. How much net working capital does the firm need to fund? (LG2) NWC = CA – CL = ($45‚000 + $210‚000 + $175‚000) – ($125‚000 + $120‚000 + $37‚000) = $148‚000. 14-3 Days’ Sales
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General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. ___ | (1) | Issued check for rent. | ___ | (2) | Purchased equipment on account. | ___ | (3) | Issued an invoice to a customer. | ___ | (4) | Received a check from a customer for payment on account. | ___ | (5) | Issued check for
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Rob DeVincent of Corcentric to Speak on How Automation Can Create Success at IFO’s Fusion 2014 1888PressRelease - DeVincent will offer three presentations designed for Accounts Payable professionals. Corcentric‚ a leading provider of accounts payable automation and electronic invoicing solutions‚ today announced Rob DeVincent‚ Vice President of Product Marketing will be speaking at the 2014 Institute of Financial Operations’ Fusion Conference in Dallas May 5-8. Speaking events include: •
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services‚ (3) recording the asset or expense and related liability‚ and (4) depreciating assets purchased. True False 2. Purchases are requisitioned by a purchasing department that seeks the best prices and quality. True False 3. The accounts payable department reconciles the vendor invoice‚ purchase order‚ and receiving report prior to approving the payment to the vendor. True False 4. Bill of ladings for goods shipped from a vendor to the purchasing company should always include
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