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Download PDF by Duane R. Milano: Accounting I Essentials

By Duane R. Milano

ISBN-10: 0738670383

ISBN-13: 9780738670386

REA's necessities supply speedy and simple entry to serious info in quite a few assorted fields, starting from the main uncomplicated to the main complicated. As its identify implies, those concise, complete learn publications summarize the necessities of the sphere coated. necessities are useful whilst getting ready for assessments, doing homework and should stay a long-lasting reference resource for college students, academics, and pros. Accounting I contains accounting rules, the accounting cycle, adjusting entries, ultimate entries, worksheet systems, accounting for a advertising operation, inner keep watch over and really expert journals, funds, receivables, stock, estate, vegetation and kit, and long term resources.

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Also the sum of the ending inventory and cost of goods sold is equal to $720; $315 + $405 = $720. LIFO is allowed for income tax reporting purposes. However, the IRS requires that if LIFO is used for income tax purposes, it must also be used for financial reporting purposes. 3 WEIGHTED AVERAGE The weighted average method is also sometimes called the average cost method. This method assumes that the same cost per unit is charged to units remaining in inventory as was charged to units that have been sold during the period.

Although banks dislike this action, many allow it in certain instances. Usually there will be an additional charge if an overdraft occurs. The correct action to take when this happens is to make a deposit to cover the overdraft and make an entry for any charges incurred. 1. 1 Electronic wire transfers have made automatic payroll bank deposits fairly common. If this is not recorded, the depositor’s books will be understated by the amount of the deposit. 2. 2 Many banks allow for an automatic loan if the amount in a depositor’s account goes below a specified level.

These adjusting entries are reflected in the Adjustments columns of the worksheet. The effects of these adjustments are then reflected in the Adjusted Trial Balance columns. As an example, note that Prepaid Insurance began with a balance of $600. A credit of $100 was applied to this account as a result of an adjusting entry, resulting in an adjusted balance of $500. Since Prepaid Insurance is an asset account, this amount is carried across to the debit column of the Balance Sheet section. The other part of this entry, reflected as a credit of $100 to Insurance Expense, is shown in the debit column of Adjustments.

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Accounting I Essentials by Duane R. Milano

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