The correct entry for the transaction wrongly recorded. Given Information: Cost of machine is $200,000. Machinery is wrong recorded as miscellaneous expense.

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Answer 1

Question

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

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Please given correct answer for General accounting question I need step by step explanation

The following VAT balances were extracted from the subsidiary journals of Africa Traders as at 28 February 2024. R Cash receipts journal VAT input 556,50 VAT output 14 676,48 Cash payments journal VAT input 9 375,12 VAT output 642,78 Purchases journal VAT 6 260,40 Sales journal VAT 8 037,12 Purchases returns journal VAT 871,75 Sales returns journal VAT 902,32 On 1 February 2024, the VAT input account had a debit opening balance of R14 768 and the VAT output account had a credit opening balance of R14 154. Calculate the closing balance of the VAT output account as at 28 February 2024

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Answer 2

Question

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Answer 6

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Answer 7

Chapter 21, Problem 21.11BE

To determine

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Check out a sample textbook solution

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Answer 11

Ch. 21 - Are accounting changes permitted in financial...Ch. 21 - How do firms report accounting changes under the...Ch. 21 - Prob. 21.3Q Ch. 21 - How do firms account for changes in accounting...Ch. 21 - Prob. 21.5Q Ch. 21 - Prob. 21.6Q Ch. 21 - Prob. 21.7Q Ch. 21 - Prob. 21.8Q Ch. 21 - Do accounting errors that self-correct within two...Ch. 21 - Does a firm need to correct an error that...

The correct entry for the transaction wrongly recorded. Given Information: Cost of machine is $200,000. Machinery is wrong recorded as miscellaneous expense.

Solution Summary: The author explains that journalizing is the process of recording the transactions of an organization in a chronological order.

Videos

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.

Want to see the full answer?

Chapter 21 Solutions

The correct entry for the transaction wrongly recorded. Given Information: Cost of machine is $200,000. Machinery is wrong recorded as miscellaneous expense.

Solution Summary: The author explains that journalizing is the process of recording the transactions of an organization in a chronological order.

Videos

To Prepare: The correct entry for the transaction wrongly recorded. Given Information: Cost of machine is $200,000. Machinery is wrong recorded as miscellaneous expense.

Want to see the full answer?

Chapter 21 Solutions

To Prepare: The correct entry for the transaction wrongly recorded.

Given Information:

Cost of machine is $200,000.

Machinery is wrong recorded as miscellaneous expense.