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Accounting Demystified by Jeffry R. Haber PDF

By Jeffry R. Haber

For brand new scholars of accounting, entry-level accounting execs, and enterprise pros whose personal paintings relates on to the numbers at the ledger, a simple realizing of center accounting services and records is necessary. Accounting Demystified offers an easy and simple description of common parts of the accounting procedure, plus obtainable tutorials in developing, reading, and utilizing monetary statements. Haber's transparent language will enable readers: * comprehend accounting fundamentals * locate blunders fast * organize exact monetary statements * examine monetary records * be certain the monetary overall healthiness of a company * arrange a monetary prospectus for power traders and creditors From the study room to the again room to the board room, Accounting Demystified serves as a helpful primer at the fundamentals of accounting and the needs they serve."

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The difference between the full amount and the amount owed is the amount still owed by the customer. Let’s say that the customer paid $1,200 instead of the full balance. The entry to record the receipt of the $1,200 would be: XX/XX/XX Cash 1,200 Accounts receivable 1,200 To record payment on account Control Account/Subsidiary Ledger If business is going well, you can imagine that a company could have a lot of customers, and therefore a lot of accounts Accounts Receivable 43 receivable. If it were your company, you would want to keep track of what each customer owed you so that you could make sure that your customers were paying promptly.

Going back to the general ledger, we see that we wrote the figure incorrectly. Another type of error involves writing the amount in the wrong column. Suppose we entered the Interest income in the debit column instead of the credit column. The total of the debit column would be 551,000, and the total of the credit column would be 550,000. Again, the first step is to find the difference. In this case, the difference is 1,000 ($551,000—$550,000). When we divide the difference by 9, we find that it does not divide evenly, so we are not looking for a transposition error.

In this case, however, we have an asset account that is increased by a credit. This type of account is known as a ‘‘contra’’ account; in this instance, it is a contra-asset account. The Allowance account will be used to adjust the balance of the Accounts receivable account. On the Balance Sheet, the allowance account will come right after Accounts receivable and be a reduction of it. Here are two examples of how the accounts receivable and the allowance might be shown on the Balance Sheet: Alternative 1: Alternative 2: Accounts receivable Less: Allowance for doubtful accounts $1,200,000 Net accounts receivable Accounts receivable (net of allowance of 50,000) $1,150,000 50,000 $1,150,000 Instead of estimating bad debt expense based on sales, a company might use a report called the aging of accounts receivable.

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