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Calculate double declining balance depreciation

Calculate double declining balance depreciation Overview Double declining balance depreciation is the depreciation method of fixed assets that results in the biggest depreciation expense in the first year and the smallest in the last year of the fixed assets useful life. The company can calculate double declining balance depreciation after ...
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Owner withdrawal journal entry

Owner withdrawal journal entry Overview Sometimes, the owner of the company may withdraw the cash directly from the company for personal use without waiting for the dividend payment. Likewise, the company needs to make the owner withdrawal journal entry in order to account for this event. Owner withdrawal for personal ...
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Inventory write down journal entry

Inventory write down journal entry Overview Sometimes, the value of inventory will drop significantly due to physical deterioration, obsolescence, or decline in the market price, etc. Likewise, if this happens, the company will need to make the inventory write-down journal entry to reduce the value of the inventory to its ...
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How to record unearned service revenue

How to record unearned service revenue Overview In business, the service company usually receives advance payment for the service that it will perform in the future period. Likewise, the company needs to record this advance payment as an unearned service revenue in the journal entry to comply with the accrual ...
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Borrowing Money Journal Entry

Borrowing Money Journal Entry Overview Sometimes, the company needs to borrow from the creditor such as bank and other lenders in order to start the business or expand the business. Likewise, the company needs to make the borrowing money journal entry in order to account for the loan and other ...
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Calculate Interest on Note Payable

Calculate Interest on Note Payable Overview Sometimes, the company may sign a promissory note to borrow money from the creditor or the bank, which usually comes with the interest on the note payable. In this case, the company needs to calculate interest on note payable in order to prepare sufficient ...
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