Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)
Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)
2nd Edition
ISBN: 9780134833118
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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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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Chapter 21 Solutions

Intermediate Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (2nd Edition)

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Accounting Changes and Error Analysis: Intermediate Accounting Chapter 22; Author: Finally Learn;https://www.youtube.com/watch?v=c2uQdN53MV4;License: Standard Youtube License