Accounts Payable

Debit Purchases

Credit Cash

In and of itself, generally no. An adjusted trial balance is merely a statement that is used at the end of the accounting period to adjust accounts such as expenses and income and to insure that all adjusting entries and accounts balance before preparing the post closing trial balance and finally the financial statements such as Balance Sheet, Statement of Retained Earnings, and Statement of Owners Equity.

debit accounts receivable
Credit services revenue

Debit Cash $XXX

Credit Sales $XXX

the difference between total current assets and total liability is the working capital. It goes with a formula 'current asset -current liability =working capital '

yes

Depend on who perform the services. 1.if it is do by the business is debt becos he will be paid 4 it and money comes. 2.credit if the pays other person 4 the service

I would post first all assets

By decreasing the amount by same.

are accounts payable accounts that expect will be paid to u

It is part of office equipment

You can do this through Excel. Just put in the petty cash information how it is and the button will help take care of the rest.

It means that the business is conducted out of short term cash. Hence small changes in the environment can affect the cash flow.

it is a expense

When a company (or any legal entity) is of the opinion that the value of an asset has appreciated (or) depreciated much than the recorded historical value, revaluation of asset is undertaken. This necessitates us to create an account known as "revaluation A/c". It is understood that, the outcome of revaluation may be a gain (or) loss. As per Golden rule of Accounting, revaluation a/c is a nominal a/c since the a/c measures the gain (or) loss of the asset.

yes it does

liability

source : "Ultimate book of accountancy"

Ans: Main concepts of accounting are

(1) Business entity concept (2) Money Measurement concept (3) Cash and

Accrual Concept (4) Prudence concept (5) Cost concept (6) Matching Concept

For more detail.... see... "ULTIMATE BOOK OF ACCOUNTANCY" Published by vishvas publications ... vishvasbook@yahoo.com

yes

trade in allowance is considered as acurent asset.

it can be explianed and understood with help of following example .

a firm has exchange a used ( 2nd hand ) machine for a new one. the worth of new machine has 20000. while the book value of old machine was 10000 but it was traded for worth of 12000, so it saved two 2000 cash , which is an asset.

New machine 20000(Dr)

Old machine 10000(Cr)

Trade in allowance 2000(Cr)

cash 8000(Cr)

account payable account debit to bank account

depreciation non current asseate

For general purposes, accrued interest payable is generally a current liability, however that depends on one major factor. When will the liability be paid? Any liability that a company can reasonably expect to pay off in 12 months (or less) or one accounting period is a "current liability" any liability that will be paid off at a longer time is a "long term liability"

So if the accrued interest will be paid in 12 months or less, then it is a current liability.

This term is similar to the normal terms (i.e. 2n10 net30) This term however just specifies a date. It means that if the company/person pays by the 10th of the month they can take a 2% discount, with the full balance (net) due by the 25th (with no discount).

Company's offer this kind of savings to help entice the buyer to pay off their account early. Although 2 percent doesn't sound like a lot, when dealing with thousands of dollars at a time 2 percent can add up to a huge savings for the purchasing company.

2n10 net30 is 2 percent discount if paid within 10 days of the invoice date, with the net being due 30 days after invoice date.

Neither, shares are listed under owners equity.