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On March 1, it was discovered that the following errors in the journalizing and posting transations:
A. The receipt of $8,350 for services rendered was recorded as a debt to accounts receivable and a credit to fees earned the purchase of supplies of $3100 on account was recored as a debit office equipment and a credit to supplies. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.
Determine the amount of Stoll should report on its December 31 2008 balance sheet for its long term investments and available for sale securities. Prepare any necessary December 31, 2008 adjusting entry to record the market value adjustments for the ..
The following is selected information from Ventura Company for the fiscal years ended December 31, 2014: Ventura Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets..
What effect do these types of leases have on the balance sheet? What is a capital lease? How does application of capital lease accounting provide insight into a company’s financial health?
BLUE Company needs 10,000 units of a certain part to be used in production. If BLUE buys the part from RED Company instead of making it, BLUE could not use the present facilities for another manufacturing activity. What effect would a decrease in wag..
Under U.S. GAAP, if the carrying value was $50,000, the undiscounted expected future cash flows was $55,000, the discounted expected future cash flows was $51,000 and the selling price was $53,000, what is the amount of Impairment Loss?
Bridgette is known as the “doll lady.” She started collecting dolls as a child, always received one or more dolls as gifts on her birthday, never sold any dolls, and eventually owned 600 dolls. She is retiring and moving to a small apartment and has ..
he paid the balance by a loan from his hometown bank. The loan is to be paid on a monthly basis for 2 years charging 12 % interest. Find how much are the monthly payments?
verify the overall break-even point for the company.nbsplucido products markets two computer games claimjumper and
Adnan Company uses process costing. At the beginning of the month, there were 3,000 units in process, 70% complete with respect to material, and 60% complete with respect to conversion costs. 20,000 units were started during the month and 20,000 unit..
When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower- of- cost- of- market? Debit inventory and credit purchases
Which of the following functions of audit documentation is incorrect?
Compute the operating income for the Olive Oil Division using a transfer price of $4 and compute the operating income for the Olive Oil Division using a transfer price of $2.14.
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