
1.
Introduction:
Journal entries: The journal entries are prepared by the organization to record the daily transactions that are non-economic and economic in nature. The ledger accounts are prepared based on the journal entries.
To prepare: The
2.
Introduction:
Journal entries: The journal entries are prepared by the organization to record the daily transactions that are non-economic and economic in nature. The ledger accounts are prepared based on the journal entries.
The party that has (a) note receivable (b) note payable (c) interest revenue and (d) interest expense.
3.
Introduction:
Journal entries: The journal entries are prepared by the organization to record the daily transactions that are non-economic and economic. The ledger accounts are prepared based on the journal entries.
To prepare: The journal entry for the dishonored note.

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Chapter 8 Solutions
24 MONTH MYLAB (MAN)
- Your firm has been the auditor of Caribild Products, a listed company, for a number of years. The engagement partner has asked you to describe the matters you would consider when planning the audit for the year ended 31January 2022.During recent visit to the company you obtained the following information:(a) The management accounts for the 10 months to 30 November 2021 show a revenue of $260 million andprofit before tax of $8 million. Assume sales and profits accrue evenly throughout the year. In the yearended 31 January 2021 Caribild Products had sales of $220 million and profit before tax of $16 million.(b) The company installed a new computerised inventory control system which has operated from 1 June 2021. As the inventory control system records inventory movements and current inventory quantities, thecompany is proposing:(i) To use the inventory quantities on the computer to value the inventory at the year-end(ii) Not to carry out an inventory count at the year-end(c) You are…arrow_forwardDiscuss the questions in the attached picturearrow_forwardCorrect Answerarrow_forward
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