Identifying accounting principles. Indicate the accounting principle or procedure apparently used to record each of the following
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Identifying accounting principles. Indicate the accounting principle or procedure apparently used to record each of the following independent transactions. Also, describe the transaction or event recorded in each case.
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a. Cash. Dividend Revenue.. Shareholders' Liabilities Assets Equity (Class.) IncSt - RE b. Unrealized Holding Loss on Marketable Securities Available for Sale. Marketable Securities Shareholders (Class.) Assets Liabilities Equity OCI AOCI Cash.. C. Investment in Affiliated Company Shareholders (Class.) Assets Liabilities Equity Dividend declared and received from affiliated company. Bad Debt Expense... d. ALlowance for Uncollectibles х Shareholders' Assets Liabilities Equity (Class.) IncSt + RE e. Rent Expense for Lease Cash. Shareholders' (Class.) IncSt + RE Assets Liabilities Equity f. Investment in Affiliated Company Equity in Earnings of Affiliated Company х Shareholders Assets Liabilities Equity (Class.) IncSt + RE g. Allowance for Uncollectibles Accounts Receivable. Shareholders' Equity Assets Liabilities (Class.) h. Loss from Price Decline of Inventories.. Merchandise Inventories Shareholders Assets Liabilities Equity (Class.) IncSt + RE
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Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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