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Accounting Errors-Transaction ErrorsHow 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 asrevenue.
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
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
what is peacemeal districbution ..
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 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
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
HOW TO DO DOUBLE ENTRY QUESTIONS
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 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. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
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