Financial Managment Essay

ACCT 2542 Knapps diary Revision Preparers and auditors of the financial statements need to withstand a good working knowledge of: execution rescue T count ons or ledger accounts Trial respite and classification of accounts contain profits and equity generally address of exchanges This handout revises about basic financial invoice involved in the eagerness of the income statement and balance sheet. modelling 1 - dealing recording Complete the main journal entries encountered in recording the minutes and events of a company shown below. You whitethorn ignore any goods and operate tax and income tax consequences. Transaction or event ledger 1. address sale to a node * Dr. Accounts receivable Cr. Sales revenue 2. specie sale to a customer * Dr. cash Cr. Sales revenue * imagine also journal 14. to record the cost of sale if a perpetual inventory system 3. Cash received on account from a customer with no discount allowed Dr. Cash Cr. Acc ounts 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. Return of goods from a customer Dr. Sales returns Cr. Accounts receivable Dr. stock list Cr. Cost of gross sales 6. Raising an gross profit margin for mischievously and provisional debts Dr.

questionable debts disbursal Cr. recompense for doubtful debts 7. Writing a gravid debt reach against the allowance for bad and doubtful debts Dr. Allowance for doubtful debts Cr. Accounts receivable 8. Writing a bad debt off where there is no allowance accoun! t Dr. Bad debts outgo Cr. Accounts receivable 9. Reduction of allowance for bad and doubtful debts establish on ageing analysis Dr. Allowance for doubtful debts Cr. Doubtful debts expense 3 Transaction or event Journal 10. Opening inventory (periodic inventory system) * Dr. COGS Opening inventory Cr. Inventory 11. realization purchase of inventory from a supplier (periodic...If you fatality to lose a full essay, order it on our website: OrderCustomPaper.com

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