Just engender sure this is correct. it's really high-speed. thaaaank you!! ==================?
Can you sort sure that the lingo are matched correctly to the bit of the accounting equation (assets, liability, equity)?
I would REALLY appreciate it.
Contributed Capital --- equity
Distributions --- equity
Purchases --- assets
Retained Earnings --- equity
Freight-In --- assets
Sales --- assets
Answers:
Purchases can expect merchandise inventory. Same next to freight-in. If these purchases haven't be sold, consequently they remain in finish inventory which are assets. If they've be sold, afterwards they're closed bad to the income summary a/c which is closed sour to the retained profits a/c which way equity. Sales a/c is ultimately closed bad to retained income as above, not assets.
Have a home base business that I know?
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Can someone bread a check submitted from my business rationalization explicitly almost two years older?
I would REALLY appreciate it.
Contributed Capital --- equity
Distributions --- equity
Purchases --- assets
Retained Earnings --- equity
Freight-In --- assets
Sales --- assets
Answers:
Purchases can expect merchandise inventory. Same next to freight-in. If these purchases haven't be sold, consequently they remain in finish inventory which are assets. If they've be sold, afterwards they're closed bad to the income summary a/c which is closed sour to the retained profits a/c which way equity. Sales a/c is ultimately closed bad to retained income as above, not assets.