The balance of Artemis' sales ledger control account on 31 July 2023 was $39 130. On that same date, the list of balances contained in the sales ledger amounted to $36 750. After investigation the following errors were found. 1. A credit sale of $3 050 had been made to Gilles but no entries had been made to record this transaction. 2. The discount allowed total in the cash book had been undercast by $370. 3. A sales retum of $600 from Betty was correctly recorded in the sales ledger but had been omitted from the total of the return inwards journal. 4. A cheque received in June from Francis for $1 840 had been dishonoured. No entries have been made to record this dishonoured cheque. 5. A credit sale of $1 500 to Harry was correctly recorded in the sales journal but no entry had been made in the sales ledger. 6. The sales recorded in the control account had been overcast by $250. 7. A receipt from a credit customer of $340 had been omitted from the list of balances. REQUIRED: a) Prepare a corrected sales ledger control account. b) Prepare a statement amending the total of the sales ledger balances to reconcile it with the control account balance

Q: Define Raw materials.

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Q: What are the factors affecting equipment costs?

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Q: Define Depletion.

A:

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Q: Define Current assets

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Q: Define Pledging.

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Q: Differentiate between physical units and equivalent units

A:

Q: Define Intangible Assets.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: what are relevent cost of direct material

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Q: Define cost of equipment.

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Q: What is underapplied overhead? Overapplied overhead?

A: The under applied overhead is explained as below,

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: Describe the purpose of raw material subsidiary ledger.

A: Raw material subsidiary ledger: This ledger refers to the individual account, which records the all…

Q: Describe the term cost of the direct materials.

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Q: What is the carryover amount?

A: Introduction Capital losses may be defined as the decrease in the value of capital assets of the…

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

Q: Describe the effects of using direct and indirect material.

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Q: assets equation

A: Assets Equation is: Assets = Liabilities + Capital

Q: A transfer of a particular cost from one cost to another

A: Yes, We can transfer of a particular cost from one cost to another.

Q: cost of materials issuances under the fifo method

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Q: What is the cost per equivalent unit for materials?

A:

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.