Understanding how the accounting equation works is one of the most important accounting skills for beginners because everything we do in accounting is somehow connected to it. During the month of February, Metro Corporation earned a total of $50,000 in revenue from clients who paid cash. The 500 year-old accounting system where every transaction is recorded into …
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This account may or may not be lumped together with the above account, Current Debt. While they may seem similar, the current portion of long-term debt is specifically the portion due within this year of a piece of debt that has a maturity of more than one year. For example, if a company takes on …
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