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I have 4 question, I will be more than happy if you can answer.
1. What is difference between cost and expense?
2. If prime entry books are not a part of double entry why journal(part of prime entry) has double entry?
3. Why allowance does not affect to Receivable Control account?
4. I have seen that in control account it was mentioned that ledgers are not a double entry system.I am sorry, but you really need to watch our free lectures where you will get the answers to all of your questions.
I cannot type out all of the lectures here 🙂Dear John,
I am not asking you any explanation of topic just questions.
I have read all of them and know I have these questions.
It will be very kind of you if you can just answer the reason not the whole lecture.You cannot possibly have watched all of the lectures (it is completely pointless to read the lecture notes without watching the lectures).
1. cost and expense mean the same.
2. the journal is simply a book in which is written down the entries that appear in the y-accounts
3. the allowance for receivables is for doubtful debts – we do not remove doubtful debts from receivables. (But on the SOFP we show net receivables i.e. receivables less the allowance)
4. You can not have seen that mentioned at all. Ledger means book and the nominal/general ledger contains the double entry. (The payables and receivables ledger are only memorandum)
(PS In future you must ask in the Ask the Tutor Forum if you want me to answer a question. This forum is for students to help each other.)
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