The Petty Cash Box has 3 vouchers in it (one for taxi fare in the amount of $25, one for courier charges of one for office treats bought at Tim Hortons for $35). The accountant forgets to make a replenishment entry generating the financial statements for the period. The financial statement implications of this are that: Multiple Choice None of the other options is correct Income is correctly stated but assets are understated by $78 No Implications as the replenishment can occur anytime and is Independent of financial statement generation There is not enough Information provided to assess financial statement Impact Net Income is understated by $78

The Petty Cash Box has 3 vouchers in it (one for taxi fare in the amount of $25, one for courier charges of one for office treats bought at Tim Hortons for $35). The accountant forgets to make a replenishment entry generating the financial statements for the period. The financial statement implications of this are that: Multiple Choice None of the other options is correct Income is correctly stated but assets are understated by $78 No Implications as the replenishment can occur anytime and is Independent of financial statement generation There is not enough Information provided to assess financial statement Impact Net Income is understated by $78

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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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
I'm also struggling with the follow up part of this question
The trial balance of Kelvin does not balance. Which TWO of the following errors could explain this, assuming that Kelvin maintains control accounts for its receivables and payables within the double entry system? (1) The sales day book was undercast by $100.(2) Discounts received were credited to sales revenue account.(3) An opening accrual was omitted from the rent account.(4) The debit side of the cash account was undercast. A (1) and (2)B (2) and (3)C (3) and (4)D (1) and (4) Please give solution with proper explanation
Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.
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