You are required to show : (i) Journal entries to correct (iii) The corrected balance on the profit and loss account. 98,500 45,700 50,000 22,150 2,110 Furniture and fixtures Stock Debtors Fixed deposits Bank 59,500 61,000 38,190 25,750 19,820 14,200 2,18,460 Capital Net profit during the year Loan Creditors Suspense account Drawings 2,18,460 On close scrutiny the following errors were discovered: (a) Closing stock was overvalued by 4,000. (b) A sale of 2,300 was recorded in the sales day book as ? 3,200 though the correct amount was posted in the saloc lodao

Q: post journal entries to t account

A: T-Account: A key teaching tool in double entry accounting is the T account, which shows how one side…

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: Define declaration date

A: Answer: Declaration data is nothing a date the dividends are declared. This is usually done first…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: Explain an example of post the journal entries to the T-accounts.

A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…

Q: Can I have the Journal Entry for the above questions?

A: Journal entries - It is the act of keeping or recording the financial and non-financial transactions…

Q: Write out the journal entry that is created once an entry is made in Invoice Window.

A: Invoice: It implies to a document of commercial nature that has details related to what reflects on…

Q: Complete the remaining sub-parts

A: Adjusted journal entries made at the end of an accounting period to adjust some accounts to ensure…

Q: Describe the purpose of caash receipts journal.

A: The cash receipts journal is a special section of the general journal specifically used to record…

Q: After a receipt is uploaded into QBO, the user will need to ______ the data and ensure the receipt…

A: Quickbooks is very popular accounting software that is used for accounting and recording…

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: Explain promissory note

A: A promissory note is a financial instrument that contains a written promise by one party (the note's…

Q: Please see images

A: Inventory is the goods and material a business holds for resale. LIFO:-  As the name suggests Last…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.