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Content Suspense Records Suspense account meaning Which account number should I use for my suspense account? Connect With a Financial Advisor You have no idea how to categorise a transaction The articles and research support materials available on this site are educational and are not intended to be investment or tax advice. All such information

If Maple buys cars at wholesale prices, leases them for a short time, and then sells them at retail prices or in sales in which a dealer’s profit is intended, the cars are treated as inventory and are not depreciable property. In this situation, the cars are held primarily for sale to customers in the

Content Notes Payable Issued to Bank AP & FINANCE Understanding Note Payables Accounts Payable What Is Notes Payable? These are also significant when businesses want to extend the payment period or credit period and hence issue note. It also feature a discount that is the difference between the proceeds of a note payable and its

Content Allowance for Doubtful Accounts Contra Account Definition in Accounting List of Contra Accounts with Examples Contra accounts increase transparency Contra liability accounts Contra revenue reduced gross revenue, resulting in net revenue. These contra revenue accounts tend to have a debit balance and are used to calculate net sales. These contras reduce the equity account

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Content 8 Completion of the Reverse Charge Sales List (RCSL) Reclaiming VAT on purchases using gift cards 1 Adjustments in the course of business A customer’s unexercised rights (breakage) What is double entry for immediate payment? Accounting and Financial Management 3 Return already made and price adjustment removes the supply out of the reverse charge

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