A new accountant began working for Atlas Stores on July 1. During the month of July, the new accountant recorded the following group of purchase invoices: Invoice #1: Delivery expenses Invoice #2: Supplies Invoice #3: Repairs expenses Invoice #4: Merchandise 300 900 250 $1,500 However, all four items were recorded as debits in the Purchases account. a. For each of the invoices, name the account that should have been debited. Invoice #1: Invoice #2: Invoice #3: Invoice #4: b. What effect will the incorrect recording of these invoices have on the following calculations, Be thorough in your responses. Include the appropriate formula, explanations and numerical values. a. Schedule of Cost of Goods Sold? b. Income Statement?

A new accountant began working for Atlas Stores on July 1. During the month of July, the new accountant recorded the following group of purchase invoices: Invoice #1: Delivery expenses Invoice #2: Supplies Invoice #3: Repairs expenses Invoice #4: Merchandise 300 900 250 $1,500 However, all four items were recorded as debits in the Purchases account. a. For each of the invoices, name the account that should have been debited. Invoice #1: Invoice #2: Invoice #3: Invoice #4: b. What effect will the incorrect recording of these invoices have on the following calculations, Be thorough in your responses. Include the appropriate formula, explanations and numerical values. a. Schedule of Cost of Goods Sold? b. Income Statement?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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