International Financial Reporting Standards (IFRS) : IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports. Generally Accepted Accounting Principles (GAAP) : These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U. To examine : The differences between inventory costing methods, under IFRS and GAAP

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Kindly give a step by step details explaination of each answers especially question 5 and 6. Please, don't just give answers without explaining how we arrived at the answer. Thanks! The following are the questions: 1. What is the general journal entries the transactions described for Hogan Company. All sales are on account. Use the date of December 31 to make the entry to summarize sales for the year in the old territory and new territory. 2. Make the journal entries to record the write-off of accounts in the new territory. 3. Make the journal entry to record the write-off of accounts in the old territory. 4. Make the entry on December 31 to record uncollectible accounts expense for 20X1 for both territories. Make the calculation using the percentages developed by Hogan. 5. Let’s say the Allowance for Doubtful Accounts had a credit balance of $24,800 on September 30 before any of the above entries were made. Calculate the balance in the allowance account after…

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Chapter AC, Problem 7DQ

To determine

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

To examine: The differences between inventory costing methods, under IFRS and GAAP

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Kindly give a step by step details explaination of each answers especially question 5 and 6. Please, don't just give answers without explaining how we arrived at the answer. Thanks! The following are the questions: 1. What is the general journal entries the transactions described for Hogan Company. All sales are on account. Use the date of December 31 to make the entry to summarize sales for the year in the old territory and new territory. 2. Make the journal entries to record the write-off of accounts in the new territory. 3. Make the journal entry to record the write-off of accounts in the old territory. 4. Make the entry on December 31 to record uncollectible accounts expense for 20X1 for both territories. Make the calculation using the percentages developed by Hogan. 5. Let’s say the Allowance for Doubtful Accounts had a credit balance of $24,800 on September 30 before any of the above entries were made. Calculate the balance in the allowance account after…

Financial accounting

General Accounting