How much does Bill Bloggs receive from the above transaction?

Q: How to complete the personal balance and calculate the net worth?

A: Calculation of Net worth and Personal balance.

Q: When should seacoast magazine record revenue

A: Revenue recognition principle:   Revenue recognition principle states that every business…

Q: How would you make payment for Furniture purchased and how would you record it?

A: Payment for furniture can be made using cash,  or by means of credit terms ( accounts payable or…

Q: How do companies account for gift cards?

A: Gift Cards Gift cards are one form of advance collection of revenues.

Q: What is accrual accounting and how does it work?

A: Accrual accounting is a system of accounting wherein: Revenues are recognized as and when they are…

Q: What is a personal statement of financial position?

A: Answer: A personal statement of financial position is nothing but a document that entails the…

Q: What is the difference between a bill and a payment

A: Answer: Bill and payment are two different terns that can be used for same document. The two terms…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: How are sales to customers using credit cards recorded?

A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…

Q: What exactly is the meaning of the word debit?

A: All transactions of an entity are presented in form of journal entries. Journal entry consists of…

Q: What are the ways that payments by a seller to a customer is done?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Which of the following accounts is increased by the use of debit?

A: The Correct Answer is for accounts is increased by the use of debit:

Q: What is the formula to find net revenue in this spreadsheet?

A: Definition: Revenues: Revenues are earnings from the operations of a business. The operating…

Q: How to make a personal financial statement?

A: Personal Dinancial statement is a summary statement of individual financial position, it contains…

Q: Why are owners interested in the income statement?

A: Introduction: An income statement is a vital part of financial statements. It displays the net…

Q: How does credit scoring operate, and how are we as consumers and users of credit effected by it?

A: Credit Scoring - Credit scores are calculated with the help of the details of the old payment…

Q: credit

A: Credit card can be defined as a payment card where line of credit is provided to the customers. With…

Q: Why are owners interested in the income statement?

A: An income statement is a document that outlines a firm's revenue and expenses. It also displays if a…

Q: In what way are sales to MasterCard and VISA customers recorded?

A: The Answer:

Q: ill of exchange important? Why

A: Bill of exchange is some sort of promise to other that he will pay the given amount on a given date…

Q: How do you accrue and calculate interest

A: interest calculation = principle amount * rate of interest    accrued interest is interest…

Q: When one owner or creditor sells to another, the transaction takes place in the which market?…

A: Financial Market is a place where the trading of securities take place. There are major two types of…

Q: ow to record credit sale in an entrie?

A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.

Q: What are some examples of  loan documents?

A: Loan Document:When taking out a loan, the borrower and lender enter into a legal agreement that…

Q: Why are people willing to pay financial intermediaries their transaction costs, at our expense?

A: The question is based on the concept of function and operation of intermediaries in financial…

Q: feature of relevant information

A: Which one of the following is a feature of relevant information?  Answer :- D. Neutrality

Q: what is debit and credit?

A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

Q: Which of the following is business income for NOL purposes?    Interest earned on savings account.…

A: If your deductions for the year are more than your income for the year, you may have a net operating…

Q: When should companies that sell gift cards to customers report revenue?

A: The Answer

Q: Display graphically the mechanism of settlements by transfers upon request of a payee (direct…

A: Direct Debit is a payment method in which a third party is granted permission to take payments from…

Q: Calculate Brisky's Net Income.

A: Income statement:   The financial statement which reports revenues and expenses from business…

Q: How do I get my card off here?

A: Hi.   You can ask our support team for this.

Q: Why is it important to review your checking account statement? What fees might this help you avoid?

A: Answer:-  Account statement :- An account statement is a recurring list of transactions with a start…

Q: When does a company recognize revenue for a sale of a gift card?

A: Gift card: Prepayment which is made by the customer for the future purchase is known as a gift card.…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is