$60‚000 cash on the purchase of equipment costing $80‚000. The remaining amount was recognized as a one year note payable with interest rate of 9%. Jan 4 Purchased office supplies costing $17‚600 on account. Jan 13 Provided services to its customers and received $28‚500 in cash. Jan 13 Paid the accounts payable on the office supplies purchased on January 4. Jan 14 Paid wages to its employees for first two weeks of January‚ aggregating $19‚100. Jan 18 Provided $54‚100 worth of services to its customers
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system Account Information System of their students. The information are stored and compiled in some sort of filing cabinets and may take a long time to retrieve the data and information especially when the account is for old students of the school. In all it can take minutes finding the relevant account information of the students. Students Account Information System manages student records and account information. A SAIS may handle student’s information system‚ payments information‚ accounts and
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organized and detail-focused individual with an exceptional track record of accurately handling accounting‚ cashiering‚ inventory management‚ retail management and operational efficiency. Skilled in all aspects of managing and reconciling accounts and ensuring it’s accuracy and completeness. Expertise in developing and delivering daily and monthly reports for management within tight deadlines. Proven ability to identify and implement improvements to streamline processes and increase efficiency and
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Skip to next paragraph The Best Ways to Prevent Overdue Accounts First step in preventing overdue accounts is to analyze the potential customer’s credit report before you extend them credit. The reports show historical payment data and a rating that demonstrates how likely they are to pay their bills. While you don’t want to destroy any future or existing business relationships by laying down strict payment terms‚ you must enforce these terms to avoid future cash flow problems. Closely monitor
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SUSQUEHANNA EQUIPMENT RENTALS GENERAL JOURNAL DECEMBER 2011 REF 1 DATE ACCOUNT 12/1/2011 Cash DEBIT CREDIT $200‚000 Capital Stock $ 200‚000 Cash $ 140‚000 Notes Payable $ 100‚000 $ 12‚000 $ 1‚000 $ 8‚000 $ 5‚200 $ 18‚000 $ 600 $ 2‚000 $ 5‚200 $ 600 Sold 20‚000 shares to John&Patty Driver 2 12/1/2011 Rental Equipment $240‚000 Purchased Rental equipment. Note due November 30‚ 2012
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Question 1 Correct! The sale of receivables by a business can be a quick way to generate cash for operating needs. The sale of receivables by a business can be a quick way to generate cash for operating needs. Question 2 Correct! April 30 –13 = 17 days remaining in April + 31 days in May + 12 days in June = a maturity date of June 12. A 60-day note receivable dated April 13 has a maturity date of June 12. Question 3 Correct! A
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Consolidated Accounts Balance Sheet • Home Page» • Business & Economy» • Accounting Consolidated Accounts Balance Sheet C UNIT 3: CONSOLIDATED BALANCE SHEET Definition of a Group Under IAS 27 Consolidated and Separate Financial Statements‚ a group exists where one enterprise (the parent) controls‚ either directly or indirectly‚ another enterprise (the subsidiary). A group consists of a parent and its subsidiaries. Definition of Control Under IFRS 3 Business Combinations‚ control
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Controls‚ Decision Making‚ Performance Evaluation. INTRODUCTION In managing an organization and implementing an internal control system the role of accounting information system (AIS) is crucial. An important question in the field of accounting and management decision-making concerns the fit of AIS with organizational requirements for information communication and control [19]. Although the information generated from an accounting information system can be effective in decision-making process‚ purchase
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EXERCISE 2-14 Journal Entries and T-accounts The Polaris Company uses a job-order costing system. The following data relate to October‚ the first month of the company’s fiscal year. a. Raw materials purchased on account‚ $210‚000. b. Raw materials issued to production‚ $190‚000 ($178‚000 direct materials and $12‚000 indirect materials). c. Direct labor cost incurred‚ $90‚000; indirect labor cost incurred‚ $110‚000. d. Depreciation recorded on factory equipment‚ $40‚000. e. Other manufacturing overhead
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himself" and he formed the company with Berry Hook‚ a former co-worker. This information seemed to be consistent with the Dun and Bradstreet report obtained by the bank According to Gupta‚ the purpose of the loan was to assist him in carrying his receivables until they could be collected. He explained that the flooring business required him to spend considerable cash to purchase materials but his customers would not pay until the job was done. Since he was relatively new in the business‚ he did not
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