PAYABLES LEDGER CONTROL ACCOUNT 24 %24 Opening balance (amounts owed to suppliers) Cash paid to suppliers Purchases returns Refunds received from suppliers Purchases 1,268,600 318,600 1,364,300 41,200 2,700 $1,726,800 Contras against debit balances in receivables ledger Discounts received 48,000 8,200 402,000 $1,726,800 Closing balance All items relate to credit purchases. What should the closing balance be when all the errors are corrected? $128,200 $509,000 C $224,200 A $144.600

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Describe about the LIFO and FIFO method.

A:

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Describe WACC and its components.

A: WACC: The weighted average cost of capital (WACC) is a computation of   cost of capitalof a company…

Q: Ifrs solution

A: According to the question given, we need to prepare the journal entries, and, the impairment…

Q: Define Reconciliation method

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: relevance characterisitic

A: Relevance is an important characteristic of accounting or financial information.

Q: Match the terms

A: Accounting principles are the accounting rules which an organization must follow while maintaining…

Q: Can you explain each point in detail, if possible?

A: Lets understand the basics. Cash management is must requirement for banks in todays world. This is…

Q: Define the term realization principle.

A: Accounting: Accounting refers to the information system, where the economic activities of a…

Q: What is the full form of ERP? Explain ERP with examples?

A: ERP means Enterprise Resource Planning, it is a process management software used by organizations to…

Q: Describe Caveats?

A: A notice that is given to the court that it must give caveator a fair hearing before making any…

Q: Define embedded options

A: Embedded options are considered to be very much beneficial for both individuals as investors &…

Q: I need exact interest

A: Solution:Exact interest method is based on 365 days in a year.As per exact interest method,Interest…

Procedural Coding: CPT and HCPCS

Computer hardware and accessories nowadays support various types of coding for a variety of purposes. Procedural coding is a straightforward process that combines several steps of a calculative sequence to achieve the desired result. It is a type of medical classification that aids in the identification of specific surgical, medical, or diagnostic procedures. It begins as soon as a patient enters the premises of a healthcare provider. These coding systems have significantly aided the process of insurance claims and billing.