Business Administration 2257 Lecture Notes - Income Tax, Accounts Receivable, Income Statement

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Baldwin Wallace

Document Summary

Cr inventory 3250 for the pairs sold (no longer in inventory) Gap, /pair of jeans, selling for /pair of jeans - only 50 pairs sold at 125, sell the remaining pairs at /pair. You need two entries for sales one for the actual sale and one for cogs/inventory. What is cash: either physical cash or stuff we know is liquid. What makes cash liquid: there is no way of identifying it unless you have all the serial numbers. Investment certificate pay 10,000 + interest when cashed (at any time: yes. ,000 gic maturing july 15 2012: no there may be penalties for cashing it early. ,000 in cheques received mid-december but not cashed: yes you should be making deposits right away so you don"t get nsf or not sufficient funds . Amount due january 5, 2012: no a loan or accounts receivable. 3,000 in a british bank account: yes you have to convert to report it but it does count.