Mr. Macal started an auto trading business and invested 50000 dollars in this business He sold his cars to a car shop for 60000 dollars November 1 The store paid him 50000 dollars in cash The $ 10,000 fee will also be paid one month later (31 November According to the accrual, Mr. Macal's income is 60000 $ a) Please give a different example of accruals, and write a numeric example for it with accounting entries. b) Please classify differences between accrued expenses, payables, and provisions. Give an example for each one.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Mr. Macal started an auto trading business and invested 50000 dollars in this business He sold his cars to a car shop for 60000 dollars November 1 The store paid him 50000 dollars in cash The $ 10,000 fee will also be paid one month later (31 November According to the accrual, Mr. Macal's income is 60000 $ a) Please give a different example of accruals, and write a numeric example for it with accounting entries. b) Please classify differences between accrued expenses, payables, and provisions. Give an example for each one.
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