This work of XACC 280 Week 5 Discussion Question 1 contains: What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries? Business - Accounting ACC 280 Week 1 Individual Assignment Financial Statements Paper ACC 280 Week 2 Individual Assignment Ch. 1‚ 2‚ 7 Textbook Exercises ACC 280 Week 2 Learning Team Assignment
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Study and understand the nuances of various debit and credit cards available in the market and understand consumer prferences in terms of i. Credit days ii. Rate of interests charged iii. Benefits in terms of redemption points iv. Usage dynamics (cash withdrawals) INTRODUCTION DEBIT CARD A debit card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Some cards have
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each account in the ledger. The debit is on the left side‚ credit on the right side‚ and the account name is shown on top. 6. Debits are increases for assets‚ owner’s withdrawals‚ and expenses. Debits are decreases for liabilities‚ owner’s capital‚ and revenue. 7. Credits are increases for liabilities‚ owner’s capital‚ and revenue. Credits are decreases for assets‚ owner’s withdrawal‚ and expenses. 8. Assets‚ owner’s withdrawal‚ and expenses have a normal debit balance. Liabilities‚ owner’s
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General Journal J1 Date Account Titles and Explanation Ref. Debit Credit 2014 Cash 101 20‚000 May. 1 Common stock 311 20‚000 (Issued shares of stock for cash) 3 Supplies 126 1‚500 Accounts Payable 201 1
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exchaning. A bank is a financial institution which deals with deposits and advances and other related services. It receives money from those who want to save in the form of deposit and it lends money to those who need it. Definition of a Bank Section 5(b) of the Banking Companies Act‚ 1949 defines banking as “accepting for the purpose of lending or investment of deposits of money received from the public‚ repayable on demand and withdrawable by cheque‚ draft‚ order or otherwise”. Features of a Bank
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Beka Company’s journal entries to record the sale of the equipment in these four independent situations. Incorrect. Sold for $28‚000 on January 1‚ 2011. (For multiple debit/credit entries‚ list amounts from largest to smallest eg 10‚ 5‚ 3‚ 2.) Account/Description Debit Credit CashAccum. deprec.-EquipmentEquipmentGain on disposalDepreciation expenseLoss on disposal Accum. deprec.-EquipmentCashEquipmentGain on disposalDepreciation expenseLoss on disposal
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CREDIT CARD VS. DEBIT CARD Although credit cards and debit cards are both widely used with majority of the population‚ their methods‚ rules and fees are very similar. While credit cards tend to get a lot of people into debt because it is harder to keep track of you spending balance‚ debit cards are an easier way to keep track of your spending much like having cash on hand. Both credit cards and debit cards provide a convenient alternative to cash‚ especially if you do a lot of shopping online
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Internal Controls XACC 280 By University of Phoenix Professor This paper will discuss the internal controls and how they work in business. I will shed some light on the organizations financial and business policies‚ process and procedures. The purpose of these internal controls is to protect the company’s resources against fraud‚ misappropriate funds and most important waste. A company can spend quite a
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Accounting consists of basic assumptions‚ principles‚ and constraints. There are four basic assumptions of accounting that are the fundamental basis of any set of accounts. The four basic assumptions of accounting include: monetary unit assumption‚ economic period assumption‚ time period assumption‚ and going concern assumption. Monetary unit assumption states that only transaction data that is expressed in terms of money can be included in the accounting records. Economic period assumption states
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As a resource‚ Ms. Pancake had proposed to micro manage my efforts to ensure the conceptual understanding of my responsibilities and I agreed. We had arranged to do so on Wednesday‚ December 7 as it would be less strenuous on her time schedule. This was to give her the opportunity to complete her required closing processes‚ while demonstrating to them that I was competent with my allotted tasks by completing them in the time requested. She and Mr. Rackers had accepted my proposal. As the day
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