Journal Entry #1 Hernando de Soto Born: 1500‚ Province of Badajoz Type: Spaniard We have started our journy with our new leader Hernando de Soto‚ the man with many flaws. We have been sent away ‚ and by we I mean a small group of horseman‚ to find riches such as gold and silver prohaps even slaves. We have been picked by how well can fight and defend ourselfs. Hernando has been equipped with 600 men (picked out by how well they can fight)‚ 10 ships‚ servants‚ staff‚ 200 horses‚ and a pack of blood
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6 of 25 In a perpetual inventory system‚ two entries usually are made to record each sale transaction. The purpose of these entries are best described as follows: one entry recognizes the sales revenue‚ and the other recognizes the cost of goods sold. one entry records the purchase of the merchandise‚ and the other records the sale. one entry records the cost of goods sold‚ and the other reduces the balance in the inventory account. one entry updates the general ledger‚ and the other updates
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Landline Should Go For Net Revenue The accounting issue at hand in this case is revenue. Landline is offering call routing services for PRU and the former entity has to make some receipts from the services rendered. To put the issue at hand in context‚ revenue is generally the income received by any company from selling goods or services. In abroad sense‚ revenue is the income received by any commercial institution for the goods sold or services rendered. It is basically the incoming receipts
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Acct 328 ® Exam 2 Part 1 – 60% Name of Company – Each student can make up a company name Type of business – service company •sole proprietorship Chart of Accounts – see below. The numbers correspond to dates in the month of February (Use journal entries only) 1. Initial capital of $100‚000 2. Prepaid rent - $19‚200 for 2 years 3. Prepaid insurance - $24‚000 for 2 years 4. Purchased a desk on account for $500 5. Purchased office supplies for $950 6. Sold 20 bicycles @
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Week 4 : Internal Control‚ Cash‚ and Receivables - Midterm Top of Form Time Remaining: Question 1.1. (TCOs A‚ B‚ and C) Shareholders want answers to all of the following questions except: (Points : 3) How does the company compare in profitability with competitors? Did the company meet its operating expense budget? Will the company be able to pay its liabilities as they come due? Is the company earning a satisfactory return? Question 2.2. (TCO C) Paying back long-term
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Learning Team Weekly Reflection The third week of class‚ Team “C” collaborated together and shared our understanding for chapter four. The objective was to identify the difference between accrual basis and cash basis accounting‚ create adjusting entries‚ and prepare an adjusted trail balance. Differentiate between Accrual Basis and Cash Basis Accounting Accrual basis is a process in which companies use to show a change in their financial statements. These changes are recorded for the period
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cash basis accounting. Also‚ I have answered the following questions: Explain the difference between the accrual basis of accounting and the cash basis of accounting. What are the major reasons for using accrual accounting? What are the purpose of a journal and a ledger? Give an example of a contra-asset‚ and explain how it is recorded on the ledger as a transaction. Explain what a “prepaid expense” is and how it is recorded on the ledger as a transaction. What are the major differences in recording
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CRIME SCENE INVESTIGATOR Education and/or Training Required - In order to become a Crime Scene Investigator‚ you should start by earning a degree in Crime Scene Investigation‚ Criminal Justice or a Physical Science. A common degree is a bachelor’s degree in criminal justice. - A Master’s degree will be of greater value and you will also get a higher pay. - Forensic Science is the best major to choose if you wish to become a Crime Scene Investigator. You can get an Associate’s degree (2-year)
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Rainsford’s Journey Back Home He had never slept in a better bed‚ Rainsford decided. Rainsford got up and headed out of his room. He looked around as if he thought there was someone outside waiting for him. He scanned around the house and saw no one. Rainsford had felt proud of himself for beating General Zaroff‚ but he also had this small feeling of fear. Rainsford had to come up with an idea on how to get himself off of the island. It wouldn’t be long before Rainsford started getting hungry.
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recorded‚ and recognized in such a way that there can be no duplication and the transactions are recorded under commercial accounting. The system known as double entry book keeping or the commercial accounting system that records both aspects of transactions‚ also it records credit transactions in cash accounting the day of the receipt. The single entry in accounting for example: there is a sale‚ where the transaction is complete after the exchange of cash for goods. In commercial accounting the date
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