6- A bill for 740 TL for office supplies purchased on account was debited to equipment, 470 TL and credited to accounts payable, 470 TL. Correct the error and indicate whether or not the erroneous entry affected net income (e.g. overstated or understated?).
6- A bill for 740 TL for office supplies purchased on account was debited to equipment, 470 TL and credited to accounts payable, 470 TL. Correct the error and indicate whether or not the erroneous entry affected net income (e.g. overstated or understated?).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer both
They are the sub parts of single question
Transcribed Image Text:6- A bill for 740 TL for office supplies
purchased on account was debited to
equipment, 470 TL and credited to
accounts payable, 470 TL. Correct the
error and indicate whether or not the
erroneous entry affected net income
(e.g. overstated or understated?).
Yanıtınız
7- When making the entry to record the
year's depreciation expense, the
bookkeeper debited accumulated
depreciation for 1.000 TL and credited
cash for 1.000 TL. Prepare the correcting
entry for this transaction.
Yanıtınız
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