Question 1: The adjustment to correct the interest income for 2021 includes a debit/(credit) to the interest revenue account amounting to? (Put a negative sign if credit)
Question 1: The adjustment to correct the interest income for 2021 includes a debit/(credit) to the interest revenue account amounting to? (Put a negative sign if credit)
Question 1: The adjustment to correct the interest income for 2021 includes a debit/(credit) to the interest revenue account amounting to? (Put a negative sign if credit)
You are in charge of auditing PLM (PopoyLangMalakas) Company's investment accounts for the year ended December 31, 2021, which was incorporated last March 3, 2020. During the course of the audit, you have obtained the balances and the related journal entries of its investment related transactions and have revealed the following information:
Question 1: The adjustment to correct the interest income for 2021 includes a debit/(credit) to the interest revenue account amounting to? (Put a negative sign if credit)
Question 2: How much is the retroactive adjustment to the beginning balance of retained earnings for the year 2021, pertaining to the investment in BSP bonds? (Please indicate debit or (credit), use negative sign if credit).
Question 3: The correct amount of investment in BSP bonds that should be presented in the statement of financial position as of December 31, 2021 is?
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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