In detail please. QUESTIONS,85674211.20 A business commenced trading on 01 January 20X1. The following transactions with Supplier A have65been recorded in the purchase ledger.01 January 20X101 January 20X101 February 20X130 March 20X131 March 20X1Opening balancePurchase of goods $50Purchase of goods $435PaymentClosing balance55$nil(1)(2)(3)$385$100On 31 March 20X1, the business receives the following statement from the supplier.Opening balance1 January 20X11 February 20X131 March 20x1$nil$50$435$35$520Invoice #365(4)(5)(6)Invoice #490Invoice #533Which transactions should be noted as reconciling items on the supplier statement reconciliation at31 March 20X1?Closing balance3 only6 only3 and 6 only1 to 6ABCD%24

Given that, Transactions (1) and (2) are same in both the books of general purchase ledger as well…

QUESTIONS 11.20 A business commenced trading on 01 January 20X1. The following transactions with Supplier A have been recorded in the purchase ledger. 01 January 20X1 01 January 20X1 01 February 20X1 30 March 20X1 31 March 20X1 Opening balance Purchase of goods $50 Purchase of goods $435 Payment Closing balance $nil (1) (2) (3) $385 $100 On 31 March 20X1, the business receives the following statement from the supplier. (4) (5) (6) Opening balance 1 January 20X1 1 February 20X1 31 March 20X1 $nil $50 $435 $35 $520 Invoice #365 Invoice #490 Invoice #533 Closing balance Which transactions should be noted as reconciling items on the supplier statement reconciliation at 31 March 20X1? 3 only 6 only 3 and 6 only 1 to 6 C D

QUESTIONS 11.20 A business commenced trading on 01 January 20X1. The following transactions with Supplier A have been recorded in the purchase ledger. 01 January 20X1 01 January 20X1 01 February 20X1 30 March 20X1 31 March 20X1 Opening balance Purchase of goods $50 Purchase of goods $435 Payment Closing balance $nil (1) (2) (3) $385 $100 On 31 March 20X1, the business receives the following statement from the supplier. (4) (5) (6) Opening balance 1 January 20X1 1 February 20X1 31 March 20X1 $nil $50 $435 $35 $520 Invoice #365 Invoice #490 Invoice #533 Closing balance Which transactions should be noted as reconciling items on the supplier statement reconciliation at 31 March 20X1? 3 only 6 only 3 and 6 only 1 to 6 C D

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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