Comments for Business Accounting Guides

Comment on Inventory Turnover by Hong Seng

Hong Seng — Sun, 19 Feb 2012 07:36:35 +0000

Does anybody know the average inventory turnover rate for the aviation MRO industry ?

Comment on Inventory Turnover by PH Chang

PH Chang — Thu, 19 Jan 2012 13:44:17 +0000

I would like to know inventory turns benchmark for fish farm trading industries……

Comment on Accounting Equation by neeraj sharma

neeraj sharma — Mon, 26 Dec 2011 07:05:00 +0000

like very much , also helpful in learning basics very easily.

Comment on Contra Account by patrick

patrick — Fri, 23 Dec 2011 17:07:17 +0000

appreciate the help.
pc

Comment on Accounting Entry by Rafiq

Rafiq — Thu, 22 Dec 2011 14:20:38 +0000

Borrower paid $500 to tax amount pass journal entry

Comment on Contra Account by Kenneth Meunier

Kenneth Meunier — Tue, 20 Dec 2011 17:39:57 +0000

Hi Patrick,

You can just record the interest as an interest expense. A good example of how this works is under Adjusting Entries Illustrated where there is an example of recording interest for land. When you actually pay the interest, you can debit interest payable and credit cash (the interest expense remains for the period).

If you have the security deposit as your asset, then the investment is an asset with interest accrued in credit account interest revenue (debit interest receivable or cash).

Kenneth

Comment on Closing Entries by Kenneth Meunier

Kenneth Meunier — Tue, 20 Dec 2011 17:26:50 +0000

Hi Fido -

If you have a net loss the income summary will have a debit balance, so you can debit retained earnings and credit income summary to close it out. This will reduce retained earnings as a result of the net loss for the period.

Kenneth

Comment on Adjusted Trial Balance by rouch

rouch — Tue, 20 Dec 2011 13:03:14 +0000

please l need help how to prepare and adjusted trial balance dec 31 2009

sales revenue 125,000
salaries expense 6,000
insurance expense 20,000
dividends 290,900
cost of goods sold 12,000
utilities expense 20,350
income tax expense =$793,330 $793,330

Comment on Closing Entries by Fido

Fido — Tue, 20 Dec 2011 11:38:25 +0000

What if we have a Net Loss instead of net income ?

Comment on Contra Account by patrick

patrick — Sun, 18 Dec 2011 17:38:38 +0000

kenneth
i did pretty well in high school accounting class, but that was more than a few years ago and now i’m attempting the books for my investment in a santa cruz, ca, triplex having done essentially no bookkeeping in the meanwhile.
Not much is said, about security deposits, in books i have.
Thanks for your kind correction.
patrick