Recent content by onebadasset

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    UK Quick question

    I apologize, I misread your question. I thought it was 2020 expenses where the invoice was received and paid in 2021.
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    UK Quick question

    Should be expensed out in Dec, and shown in A/P
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    UK Fixed assets reclassification

    I would treat it as a sale/disposal of an asset. Here is a video that does a great job explaining it. In this case, it is equipment, but it would be no different with a building.
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    Canada Purchase of a building in 2020 and recording it in 2021

    I have never personally seen this done before. If it were my books, it would go into a RE/owners equity account.
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    Canada Payment made in January for a work done in December

    Based on your response from the other thread, yes that would be correct. The revenue/Net income would then be rolled into RE at year end. So if you had no other transactions or items, your opening balance would be Dr A/R Cr RE
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    Canada Purchase of a building in 2020 and recording it in 2021

    In that case you wouldn't touch the RE (assuming your B/S balanced when you had the cash). The RE would not be effected in this transaction. Ex. If you had no other accounts, your balance sheet in Dec prior to purchase is Cash 355 RE 355 Then after the purchase in Dec it would...
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    Canada Purchase of a building in 2020 and recording it in 2021

    Retained earnings should be hit only in rare circumstances. How did you record the transaction in your excel spread sheet? When you reduced your cash by 355K, what other account did you hit, an expense account?
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    Canada Payment made in January for a work done in December

    I am not to familiar with how quick books works when you originally setup an account for the first time. Does it allow you to post invoices in a prior period. In any other situation, you would record the entry at the date that the sale or service took place. Dec Dr A/R CR Revenue Jan...
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    Canada Purchase of a building in 2020 and recording it in 2021

    I am not sure how you are initially showing your cash, but at purchase, your entry should be: Dr 555K - Building Cr 200K - Note payable Cr 355K - Cash RE should not be touched.
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    USA What jobs can you get by being only CPA eligible? No masters or no CPA exams passed

    Yes you can still get a good job, but your opportunity will be much better with have a CPA designation. Check out another71.com. They have a forum on there with individuals willing to offer advice on what worked for them. There is also a lot of inspirational stories that may help your motivation.
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    Assistance with job tests

    I don't want to be rude, but I would recommend just doing the tasks yourself. Imagine if someone completed it for you but your interviewers asked you how you came up with your answer. Also, I don't know if you would want to put yourself into a position where you may be asked to do this work on...
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    USA What is the journal entry to record the proceeds of Land sale at year end

    Your amounts don't fully add up. 75k vs 76k (3+73). I would think the following transactions should take place, since the sale does not actually occur until 2/15/21 December 2020 Entry (Dr) Cash --------------- 3,000 (Cr) Unearned Rev -- 3,000 2/15/21 Entry (Dr) Cash -------------------...
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    Double entry of resource expense

    I believe I misread your original comment, as the entries you listed were just reversed in the order of what I had. All of your O/H will be rolled up into WIP. If the expense is directly tied to the production of the good or service, it will be included in WIP, and eventually reflected in...
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    Double entry of resource expense

    I believe your entries are backwards. Here is an example. Dr. -- Raw Materials Cr. ------- Cash Dr. -- WIP Cr. ------- Raw Materials Dr. -- Finished Goods Inventory Cr. ------- WIP
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    USA Help with staying motivated to study for CMA

    What study material are you using? I just recently started studying for this as well, and plan to sit for my first test in Oct. I would agree that it is like anything else, in the fact that studying for it gets extremely boring. I have been trying to break up my sessions into 2 or 3 a day...
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