What is the basis for the statement of cash flows under direct method?
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cash T-accounting
AC Company started out this year with various supplies worth $150,000. It has
$50,000 of those supplies left at the end of the year.
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, _______Supplies_____ ____Supplies Exp_____
150000 | 100000 100000 |
||
_________ |________ ________ |__________
50000 | 100000 |
When can you use reversing entries?
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When in the course of the adjusting process you increase an asset or a
liability account
liabilities and Owners Equity T chart
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debit decreases, credit increases
On Jan 1, Paige sold common stock in the amount of $100,000 cash.
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Cash 100000
Common stock 100000
, Liabilities
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economic claims against the business assets that can be made by parties
outside the business
Net Income
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when revenues exceed expenses
When do you recognize revenues and expenses under cash and accrual accounting?
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Cash: when there is an exchange of cash
Accrural: when it is earned
double taxation
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Give this one a try later!
cash T-accounting
AC Company started out this year with various supplies worth $150,000. It has
$50,000 of those supplies left at the end of the year.
Give this one a try later!
, _______Supplies_____ ____Supplies Exp_____
150000 | 100000 100000 |
||
_________ |________ ________ |__________
50000 | 100000 |
When can you use reversing entries?
Give this one a try later!
When in the course of the adjusting process you increase an asset or a
liability account
liabilities and Owners Equity T chart
Give this one a try later!
debit decreases, credit increases
On Jan 1, Paige sold common stock in the amount of $100,000 cash.
Give this one a try later!
Cash 100000
Common stock 100000
, Liabilities
Give this one a try later!
economic claims against the business assets that can be made by parties
outside the business
Net Income
Give this one a try later!
when revenues exceed expenses
When do you recognize revenues and expenses under cash and accrual accounting?
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Cash: when there is an exchange of cash
Accrural: when it is earned
double taxation
Give this one a try later!
