Download Accounting I Essentials by Duane R. Milano PDF

By Duane R. Milano

REA's necessities offer quickly and simple entry to severe details in numerous assorted fields, starting from the main uncomplicated to the main complex. As its identify implies, those concise, entire examine publications summarize the necessities of the sector lined. necessities are important while getting ready for tests, doing homework and may stay an enduring reference resource for college kids, lecturers, and execs. Accounting I comprises accounting rules, the accounting cycle, adjusting entries, final entries, worksheet approaches, accounting for a advertising operation, inner keep an eye on and really good journals, money, receivables, stock, estate, vegetation and gear, and long term resources.

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Many checking accounts have monthly service charges for maintaining the account records. Others have a varied list of charges depending on the level of activity in the account. This may take the form of a per check, or per transaction charge. Check printing is often included as a charge to the account. 4 reflects the required entry. 4 The last type of adjustment to the depositor’s books involves NSF or returned checks. Usually this action will require a multiple entry. This circumstance develops when a check a depositor submitted in a deposit is presented to the bank of the person who wrote the check, and the bank will not honor the check for lack of funds.

22 Sold land for $9,000 cash. Original cost of the land was $7,000. At the end of the month, the journal columns for cash, sales discounts, accounts receivable, and sales are totaled and posted to the proper general ledger accounts. Completion of these entries is indicated by placing the corresponding general ledger account number below the column total. The totals of the other accounts columns are not posted since the individual items have already been posted. An X is placed below these columns to show that no posting is necessary.

2. In this example, several sales have been made on credit. Cash sales are recorded in the cash receipts journal, not the sales journal. 2 The Sample Company Sales Journal Each entry in the sales journal represents a debit to a customer’s account. Charges to customer accounts should be posted daily and a check mark should be placed in the journal to indicate that this entry has been made. Each entry in the sales journal also represents a credit to sales. Instead of posting a separate credit to Sales with each entry, in this example one entry is made to that account at the end of the month for the total amount of sales recorded in the sales journal.

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