Accounting errors-transaction errors, Accounting Basics

Assignment Help:

Accounting Errors-Transaction Errors
How would the following errors affect the account balances and the basic accounting equation,
Assets = Liabilities + Owners' Equity? How do the misstatements affect income?
a. The purchase of a truck is recorded as an expense instead of an asset.
b. A cash payment on accounts receivable is received but not recorded.
c. Fictitious sales on account are recorded.
d. A clerk misreads a handwritten invoice for repairs and records it as $1,500 instead of $1,800.
e. Payment is received on December 31 for the next three months' rent and is recorded as
revenue.


Related Discussions:- Accounting errors-transaction errors

Define the fica tax payable and suta tax payable, DEFINE THE FICA TAX PAYAB...

DEFINE THE FICA TAX PAYABLE AND SUTA TAX PAYABLE FICA TAX PAYABLE-OASDI. Same account is used to record both employees' and the employer's share. Credited to record taxes i

What is reconciliation?, You should have recorded in your cash books all am...

You should have recorded in your cash books all amounts you've really received and payments you've really made. Though the cash books may be incomplete as your bank may have put ex

Present Value, A $9,000 loan to be repaid in full at the end of five years....

A $9,000 loan to be repaid in full at the end of five years. Interest on the loan is payable quarterly. The interest rate is 8% compounded quarterly. What is the present value

What is the change fund, What is the change fund Business that have man...

What is the change fund Business that have many cash transactions generally establish this fund, which is an amount of money which is placed in the cash register drawer and is

Stocks, Please help journalize: -On January 1, 2017 Harmony issued 1,500 sh...

Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s

DOUBLE ENTRY, HOW TO DO DOUBLE ENTRY QUESTIONS

HOW TO DO DOUBLE ENTRY QUESTIONS

Show unearned revenues, Q. Show Unearned revenues? Unearned revenues- r...

Q. Show Unearned revenues? Unearned revenues- revenues received in advance consequence when a company receives payment for goods or services before earning the revenue such as

The long distance company that you use charges $5.00, the long distance com...

the long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use?

Dogwood florist opened a business january 1st 2010., Dogwood florist opened...

Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd