The Office Supplies account had a $380 debit balance at the beginning of the year; and $2,680 of office supplies were purchased during the year. The December 31 physical count showed $448 of supplies available. Note: Enter debits before credits. Transaction General Journal Debit Credit C.

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: Explain receivables conversion period

A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…

Q: Which accounts are typically in debit?

A: As per double entry accounting system, one account will be Debit. and Other account will be…

Q: What is shelf registration?

A: Answer: Shelf registration is subject to Securities and Exchange Commission SEC Rule 415 of the…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: Define Sale of Receivables.

A: Sales: A sale refers to the operating activity through which the company earns income by selling…

Q: Explain an example of prepaid expenses.

A: Definition:   Prepaid expense: Expenses of future period are paid in advance. These expenses are…

Q: What should be in the credit file

A: Following is the contains in credit file

Q: Differentiate between a purchase requisition and a purchase order.

A: Difference between purchase requisition and purchase order The difference between the purchase…

Q: What is debit and credit note?

A: A debit note is a document that is issued by a seller to a buyer. The debit note is used to inform…

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 steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What are the administrative expenses?

A: Administrative expenses are expenses an organization incurs that are not directly tied to a specific…

Q: Define Allowance for Uncollectible Accounts.

A: Allowance for uncollectible accounts: Allowance for uncollectible accounts is a contra-asset…

Q: What is a purchase return? How does a purchase allowance differ from a purchase return?

A: Purchase return: Purchase return refers to return of merchandise or goods purchased by customers to…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…

Q: What is a receivable?  List two types of receivables and their definitions.

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

Q: find the average daily balance

A: The method which takes daily balances into consideration rather than weekly or monthly balances is…

Q: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

Q: What section of FASB provide guidance on referral credit paid to customers?

A: FASB stands for "Financial Accounting Standards Board , which was established in the year 1973.It is…

Q: How to determine the adjusted balance of Accounts Receivable by usind the analysis of receivables…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: What is a purchase discount?

A: SOLUTION PURCHASE DISCOUNT- WHEN WE PURCHASE GOODS ON CREDIT AND IF WE PAY WITH IN A PERIOD  ALLOWED…

Q: What are the credit and debit amounts?

A: Introduction:- In accounting, every transaction must be entered in one account as a debit (left side…

Q: The chart that gives data about payments and payment schedule is called what?

A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…

Q: For VAT and Percentage transactions, state when will be the deadline for the remittances

A: VAT is value added tax and it is indirect tax which means tax is paid by consumer of goods or…

Q: When is it necessary to estimate inventories?

A: Inventories are resources which are held to be sold in the market. Inventories can be in the form of…

Q: What are sundry expenses?

A: Sometimes in business operation, a small number of various expenses are incurred and for each such…

Q: uncollectable accounts recognized

A: The term Receivables refers to the amount of debts owed to a firm by its customers for goods or…

Q: What is allowance method?

A: Definition:   Allowance method of accounting for uncollectible accounts: This is the accounting…

Q: What are note payables? How they are recorded?

A: Solution:- Notes payable meaning as follows under:-