New PDF release: Accounting Principles I (Cliffs Quick Review)

By Elizabeth A Minbiole

ISBN-10: 0764577743

ISBN-13: 9780764577741

ISBN-10: 0822053098

ISBN-13: 9780822053095

CliffsQuickReview direction publications hide the necessities of your hardest periods. Get a company grip on center innovations and key fabric, and attempt your newfound wisdom with evaluate questions.CliffsQuickReview Accounting rules I is your logical, easy-to-grasp advisor to knowing the language of industrial. This advisor introduces each one subject, defines key phrases, and walks you thru each one pattern challenge step by step. very quickly, you will be able to take on the foremost options during this publication such asGenerally permitted accounting principlesDouble-entry bookkeepingAdjustments and monetary statementsInventory systemsSubsidiary ledgers and targeted journalsCash controlsEvaluating debts receivableOperating assetsCliffsQuickReview Accounting rules I acts as a complement for your textbook and to lecture room lectures. Use this reference whatsoever that matches your individual variety for research and assessment — you opt what works top along with your wishes. no matter if you learn the e-book from conceal to hide or concentrate on decide on themes, you usually get transparent, jargon-free factors of the basics, supplemented with equations, charts, and tables.With titles to be had for all of the preferred highschool and faculty classes, CliffsQuickReview courses are a entire source that may assist you get the absolute best grades.

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53 0 Interest Expense Explanation Ref. Debit Date 20X 7 May_31 Accrue interest _ _ _ _ GJ5 _ _ _ 100 Credit 100 220 Interest Payable Ref. Date Explanation 20X7 M ay_ 3_1 Accrue interest _ _ _ _ JGJ5 Debit Balance Credit 100 Balanc e 100 Accounting records that do not include adjusting entries for accrued expenses understate total liabilities and total expenses and over state net income . ACCOUNTING PRINCIPLES I 45 ADJUSTMENTS AND FINANCIA L STATEMENTS Unearned Revenue s Unearned revenues are payments for future services to be performe d or goods to be delivered.

General Journal GJ 1 Date Account Title and Description Ref. y . :'sue;"y 'M . ' :i' y. + : : 0 Wk. t `• a ' -- 20 Cash ------- Unearned_ R_e_v_enu_e Prepayment 100 ---- 27 0 2_5_0 27 0 Cash Date Explanation :. ATM•`/ }IM■P . •7• •• :: ~ Ref . 100 Debit Credit Balance il. 40 P-A : ;•, 7'f a s ©r~ ~ a ~'}y~ ji/ r a••L'• a ' r r a r r P 1 ` S r r r a r r a 20 Prepayment •• . ~fW'r • '~I•''r a r r r GJ1 ___270 r r r r a~'~•: ______ Unearned Revenue Date Explanation 20X2 --- - -------------- Apr. '' ~ r~•:'• • 6,390 25 0 Ref .

Debit GJ9 __2,000 Wages Payable Ref . Debit Explanation Date 20X 7 Oct _31 Accrue wages 44 Credit JGJ9 50 0 Credit _____ Balance 20,000 _ 22,000 27 0 Credit 2,000 Balance __ 2,000 CLIFFS QUICK REVIEW ADJUSTMENTS AND FINANCIA L STATEMENT S If a long-term note payable of $10,000 carries an annual interes t rate of 12%, then $1,200 in interest expense accrues each year . At the close of each month, therefore, the company makes an adjusting en try to increase (debit) interest expense for $100 and to increase (credit ) interest payable for $100 .

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Accounting Principles I (Cliffs Quick Review) by Elizabeth A Minbiole


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