Financial Managment Essay

ACCT 2542 Knapps daybook Revision Preparers and auditors of the financial statements need to watch a good working knowledge of: execution pull through T count ons or ledger accounts Trial vestibular sense and classification of accounts contain profits and equity generally comprise of bargains This handout revises about basic financial explanation involved in the eagerness of the income statement and balance sheet. precedent 1 - relations recording Complete the main journal entries encountered in recording the minutes and events of a company shown below. You may ignore any goods and operate tax and income tax consequences. Transaction or event diary 1. address sale to a node * Dr. Accounts receivable Cr. Sales revenue 2. specie sale to a customer * Dr. silver Cr. Sales revenue * throw 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. 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. Return of goods from a customer Dr. Sales returns Cr. Accounts receivable Dr. blood Cr. Cost of sales 6. Raising an gross profit margin for mischievously and tentative debts Dr.

tentative debts disbursal Cr. modification for doubtful debts 7. Writing a gravid debt arrive at against the allowance for bad and doubtful debts Dr. Allowance for doubtful debts Cr. Accounts receivable 8. Writing a b ad debt off where there is no allowance acco! unt Dr. Bad debts cost Cr. Accounts receivable 9. Reduction of allowance for bad and doubtful debts base 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 destiny to lose a full essay, order it on our website: OrderCustomPaper.com

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