LedgeAccount (Also known as "T" Account and Account) Having passed the double or journal entries‚ the next step is to post these double or journal entries into Ledger accounts. Ledger account or an account is simply the classification of double entries which we have made in General Journal or any other journal. In an account we bring together all similar entries in one place. For example a company has purchased goods on 4th and 7th January‚ we would put both entries in purchases account because of their similar
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Journal Entries Example Company A was incorporated on January 1‚ 2010 with an initial capital of 5‚000 shares of common stock having $20 par value. During the first month of its operations‚ the company engaged in following transactions: Date Transaction Jan 2 An amount of $36‚000 was paid as advance rent for three months. Jan 3 Paid $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
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Introduction Month-end closing in ABC company is performed to finalize a snap shot of transactional activities for the previous month. It is an important activity that provides the basis for financial and management reporting of the company. It is performed for the last time for a particular month to ensure that all transactions are posted and reflected on reports. The month is officially closed when all of the month end processes are complete (including posting.) The month being closed remains
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TEAM GREEN Brewster-Seaview Landscaping Company OB Consultant Report November 26‚ 2010 INTRODUCTION Brewster-Seaview is a private landscaping company that has hired the Team Green OB Consultants to analyze and provide possible solutions to their current organizational situation. Team Green has discovered various organizational problems within the company and will provide suggestions to allow the company to regain normal productivity levels and increase job satisfaction among others. In this
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Chapter 03: Financial Accounting Exercise 03-02: Basic Financial Accounting Process Single Company Code Version 1 Rev: 01/03/2011 Introduction General Notes and Information It is strongly recommended that you read through the entire exercise prior to starting. Not all instructions can be provided in a linear manner. The following symbols are used to indicate important information as described below: An arrow highlights an important instruction that must not be overlooked. A text box prompts
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Interpret and apply end-of-month (EOM) terms. End-of-month (EOM) terms: a discount is applied if the bill is paid within the specified days after the end of the month. An exception occurs when an invoice is dated on or after the 26th of a month. For example‚ the terms might be 2/10 EOM‚ meaning that a 2% discount is allowed if the bill is paid during the first 10 days of the month after the month in the date of the invoice. An exception to the EOM rule occurs when the invoice is dated on or after
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completed by Franklin Company during January‚ its first month of operations‚ are listed below. Assume that Franklin Company uses the following journals: Cash Receipts (CR)‚ Cash Payments (CP)‚ Revenue (R)‚ Purchases (P)‚ and General (G). Assume that it uses Accounts Receivable and Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used for each transaction. Also indicate if the entry requires a posting to a subsidiary ledger. The transactions
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What is landscaping? Landscaping is improving the natural beauty of a piece of land by planting. Landscaping involves creating different topography (land position and elevation) and сombinations of plants and flowers. Landscaping Planting Ideas Proper plant selection is one the most important "secrets" in successful landscaping. Plants and colors are the "flavors" that bring your garden to life. They’re also elements that can be used with purpose such as screening‚ shade‚ erosion control‚ dividing
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20.00 | Points Missed | 5.00 | Percentage | 80.0% | 1. Chiller Company has credit sales of $5.60 million for year 2010. Chiller estimates that 1.32% of the credit sales will not be collected. Historically‚ 4% of outstanding accounts receivable is uncollectible. On December 31‚ 2010‚ the company’s Allowance for Doubtful Accounts has an unadjusted credit balance of $3561. Chiller prepares a schedule of its December 31‚ 2010‚ accounts receivable by age. Based on past experience‚ it estimates the percent
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Mission Statement We aspire to be the most admired and valuable company in the world. Our goal is to enrich our customers’ personal lives and to make their businesses more successful by bringing to market exciting and useful communications services‚ building shareowner value in the process. (1) Vision Statement Connect people with their world‚ everywhere they live and work‚ and do it better than anyone else. (2) Corporate Objectives Financial Objectives 1. Wireless Unit 2. Enterprise
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