1.. The bookkeeper for Panda Bear Yard Service made a number of errors in journalizing and posting as described below: 1. A debit posting to accounts receivable for $500 was omitted. 2. A payment of accounts payable for $600 was credited to cash and debited to accounts receivable. instructions : indicate the accounts that effect by these errors, and correct the errors to the correct accounts.

2..determine the accounting principle or assumption that is most applicable to each of the following. Phrase 1. the organization. prepares financial statements at the end of each year. 2.. owner personal expenses should not be included in the companys financial records. 3. Sun Fashion Kids Co. reports land on the balance sheet at the amount paid for it even though it is worth more. 4. the organization. reports the amounts on its financial statements in dollars.