transaction 2. Record the transaction as a journal entry 3. Post the entry in the individual accounts in ledgers. 4. Create preliminary trial balance 5. Adjusting entries 6. Create adjusted trial balance of the accounts 7. Combine sums in various accounts 8. Close books for current month Permanent accounts are also known as real accounts. These are accounts that do not close at the end of the accounting year. The permanent accounts are all of the balance sheet accounts (asset accounts
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Alice Hocker correctly stated‚ “Your greatness is not what you have‚ but in what you give‚” (“Your Greatness Is Not What You Have But In What You Give”). Alexander was someone who took from others. He had a lot of land‚ money and things he did not need but wanted. Alexander‚ the King of Macedon‚ took thousands of lives and seized land the size of the US. If people judged Alexander on what he gave than he would not be known as Alexander the Great‚ but as Alexander the Annihilator. Alexander was born
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Debt Expense Memo Introduction Your company has three uncollectible accounts which from three new customers: University of Hare-Brain‚ Dim-State University‚ and the College of Silly‚ each of them owned amount of $5‚000 when they filed for bankruptcy. You decide whether to write the total $15‚000 account payable off as a bad debt expense and
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Jane Doe Mini Essay 3 Date Those Who Walk Away From Omelas Ursula Le Guin’s short story "Those Who Walk Away from Omelas‚" examines the issue of societal and individual responsibility in a culture. Le Guin wrote the short story to encourage the audience to renounce the exploitation of others that makes possible a high standard of living and to renounce the scapegoat-motif that justifies an extravagant life at the expense of others (Collins 525). Through jubilant rituals and captivating depictions
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Definition and Explanation of Job Order Costing System: A job order costing system is used in situations where many different products are produced each period. For example clothing factory would typically made many different types of jeans for both men and women during a month. In a job order costing system‚ costs are traced to the jobs and then the costs of the job are divided by the number of units in the job to arrive at an average cost per unit. Job order costing system is also extensively used in
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TIME 1 hour INSTRUCTIONS TO CANDIDATES Do not open this booklet until you are told to do so. Write your name‚ Centre number and candidate number on the answer sheet in the spaces provided unless this has already been done for you. There are thirty questions in this paper. Answer all questions. For each question‚ there are four possible answers‚ A‚ B‚ C and D. Choose the one you consider correct and record your choice in soft pencil on the separate answer sheet. Read very carefully the instructions
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Transactions Show Journal entries to record the following transactions. Post them into appropriate Ledger Accounts and then extract a Trial Balance on 31st December‚ 2012: 2012 Jan 1st: Commenced business with cash Rs 1‚00‚000. Jan 10th: Bought office equipment worth Rs 40‚000. Jan 25th: Purchased goods worth Rs 25‚000; less 10% trade dis. on credit from Rahul. Feb 4th: Purchased office stationary worth Rs 500. Feb 9th: Paid premium for fire insurance Rs 5‚000 Feb 20th: Sold goods on
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When you get your paycheck at the end of the first pay period at a new job‚ it’s always interesting to see your net pay. Most of us expect more than we get. By the time you get your check‚ it has been cut up like a piece of pie‚ with several entities taking a piece of the pie. The entities that take money differ from person to person‚ company to company and state to state. However‚ almost every income earner has to pay federal income tax. An income tax is a tax levied on the financial income of persons
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EXAMPLES OF ACCOUNTS FALLING UNDER EACH ACCOUNTING EQUATION ELEMENT: Current Assets Cash - A current asset account which includes currency‚ coins‚ checking accounts‚ and undeposited checks received from customers. The amounts must be unrestricted. (Restricted cash should be recorded in a different account.) Petty Cash Fund - A current asset account that represents an amount of cash for making small disbursements for postage due‚ supplies‚ etc. Notes Receivable - An asset representing the
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| What IS a Personal Health Record (PHR)? | | Brande Green 3/18/2011 | ALHT 110 91 – Midterm Paper What IS a Personal Health Record (PHR)? By Brande Green A new study suggests that a change in the way we keep health records could save billions. The study found that providing interoperable PHRs to 80% of the US population would cost $3.7 billion in startup costs and $1.9 billion in annual maintenance costs. According to the report from the Center for Information Technology
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