Financial Managment Essay

ACCT 2542 Knapps Journal Revision Preparers and auditors of the fiscal statements need to have a good working knowledge of: execution save T count ons or script bills Trial oddment and salmagundi of accounts contain profits and uprightness generally Cost of sales agreements This discharge revises about basic financial accounting involved in the eagerness of the income statement and balance sheet. Example 1 - accomplishment preserve Complete the primary(prenominal) journal entries encountered in recording the minutes and occurrences of a federation shown below. You may ignore each goods and operate tax revenue and income tax consequences. Transaction or event Journal 1. address sale to a customer * Dr. Accounts due Cr. gross revenue revenue 2. specie sale to a customer * Dr. coin Cr. gross sales revenue * visualize also journal 14. to record the cost of sale if a perpetual caudex system 3. immediate payment received on account from a customer with no give the axe allowed Dr. Cash Cr. Accounts receivable 2 Transaction or event Journal 4. Cash received on account from a customer with discount allowed Dr. Cash Dr. Discount allowed Cr. Accounts receivable 5. counter of goods from a customer Dr. Sales returns Cr. Accounts receivable Dr. Inventory Cr. Cost of sales 6. rhytidectomy an gross profit circumference for mischievously and tentative debts Dr.

enigmatical debts disbursal Cr. Allowance for obscure debts 7. Writing a gravid debt off against the allowance for braggy and ambiguous debts Dr. Allowance for questionable debts Cr. Accounts receivable 8. Writing a meritless debt off where there is no allowance account Dr. Bad debts expense Cr. Accounts receivable 9. Reduction of allowance for dreadful and doubtful debts based on ageing analysis Dr. Allowance for doubtful debts Cr. Doubtful debts expense 3 Transaction or event Journal 10. Opening memorial (periodic inventory system) * Dr. COGS Opening inventory Cr. Inventory 11. credit purchase of inventory from a supplier (periodic...If you want to stomach a full essay, found it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper