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Prepare a journal entry for a sale on credit card. Record a journal entry for a sale with a sales discount and the associated COGS
Prepare a journal entry for a sale on credit card.
Record a journal entry for a sale with a sales discount and the associated COGS Journal entry
Define allowance for uncollectible accounts
What is the journal entry for the write off of an account under the allowance method?
Why is the direct write off method not acceptable under GAAP? What is the effect net income and total assets if the allowance method is not used?
Define general ledger, subsidiary ledger and control account
Define Notes Receivable
What is the journal entry to record notes receivable?
Record the year end adjusting entry for uncollectible accounts under the percent of sales method
Record the adjusting journal entry for uncollectible accounts under the aging of receivables method.
Prepare journal entries for the purchase of inventory including sales discounts.
Prepare the journal entry for the return of inventory
Prepare journal entry for the payment of rent.
Define Gross profit
Define Cost of Goods sold
Describe the income statement for a merchandising company
Calculate days sales outstanding
Calculate Ending Inventory and COGS under LIFO
Calculate Ending Inventory and COGS under FIFO
Calculate quick ratio
Calculate days inventory outstanding
How is Inventory reported on the balance sheet?
Define lower or cost of market
Calculate Inventory turnover
Calculate the amount of interest on a notes payable
Define LIFO, FIOF and Average Costs
Define Historical Cost Principle
Define Disclosure principle
Define consistency principle
Define Conservatism principle
Calculate gross profit and gross profit %
Define land improvements
What costs are included in the cost of land
What costs are included in the cost of buildings
What costs are included in the cost of equipment
Define intangible assets
Define, patent, trademark, and copyright
Identify the journal entry to prepare payroll
Identify the journal interest for Notes payable and associated interest
Identify journal entries for Warranty expense
Define contingent liabilities
What are the criteria for recording a journal entry for contingent liabilities?
What are the criteria for disclosing contingent liabilities on the notes to financial statements?
Define current liabilities
Calculate ROA
Calculate Asset turnover
Calculate depreciation expense under Straight-line, units of production and double declining
Identify the journal entry for depreciation
Define capital expenditure
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