By Carol Costa
Be a professional very quickly …
excellent for bookkeepers, accounting clerks, and small company vendors, this sensible advisor is going past basic accounting rules to coach readers the way to organize and deal with their businesses’ books. during this new version, readers will locate thoroughly revised and up-to-date info on dealing with revenues and companies, and up to date tax info reflecting adjustments within the tax code.
• excellent for the numerous practising accountants who're unlicensed bookkeepers, accounting clerks, and small company owners
• There are 3.1 million accountants, bookkeepers, and accounting clerks within the U.S.
• There are an envisioned 23 million small company vendors within the united states, a lot of whom deal with their very own books
Read or Download Alpha Teach Yourself Accounting in 24 Hours PDF
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Extra resources for Alpha Teach Yourself Accounting in 24 Hours
This is a major purchase, so the cost of the fixtures should be added or debited to the asset account Furniture & Fixtures. 00 debit More money came out of the bank account to pay for the books, so the checking account receives another credit. The books will be sold to customers and as merchandise for resale, so the cost of them is added or debited to the Inventory account. 00 debit The checking account is credited once again to record the cost of the cash register. The register can be classified as equipment, and because it is also a major purchase, the cost of it is added or debited to the Equipment account.
The cash account is then posted with the difference between the debits and the credits. Chart of Accounts Becomes the General Ledger Take another look at the original recap of the opening activities. This time they are listed showing how the amounts are to be posted to each individual account. 00) credit Without the cash account, the entry shows a remaining credit balance. This is the amount that should be posted to Cash in Checking as an offset or a debit. Review the General Ledger as it looked after the individual postings.
A. True b. False Depreciable Assets, Prepaid Expenses, and Other Accounts 49 4. A manufacturing company may have a separate inventory account for which of the following? a. Raw Materials b. Finished Goods c. Work in Progress d. All of the Above 5. Using a Prepaid Expense account provides a more accurate monthly profit or loss figure. a. True b. False 6. Depreciation is an expense used for tax purposes. a. True b. False 7. The Prepaid Expense account is found in what section of the Chart of Accounts?