Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer all Oakey & Associates had the following assets and liabilities. The total for... Oakey & Associates had the following assets and liabilities. The total

answer all
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Oakey & Associates had the following assets and liabilities. The total for... Oakey & Associates had the following assets and liabilities. The total for equity equals: Cash at bank $5 000 Mortgage $25 000 Creditors $9 000 Inventory $3 800 Debtors $12 200 Office equipment $8 600 Loan from Dalby Ltd $7 000 Motor vehicles $19 000 O a $ 1 200 O b. $25 600. Oc. $7 600. O d. $39 600 A separate ledger account is maintained for each: A separate ledger account is maintained for each: a. journal entry. O b. item that appears in the financial reports. O c. business transaction. od day of business. Which of the following errors would be detected by a trial balance? Which of the following errors would be detected by a trial balance? O a. The cashier pocketed the cash from a cash sale and did not record it on the register. O b. A cash sale was recorded in the sales account as $548 instead of $584 but was correctly recorded in the bank account Oc. Supplies purchased on credit were recorded as a debit to the plant and equipment account and a credit to the accounts payable account O d. Staff wages were recorded as office expenses. The capital account of Benjie Maintenance, a sole trader, was credited with ... The capital account of Benjie Maintenance, a sole trader, was credited with $15 000. Which of the following would notgiverisetosucha CR? O a. The owner brought in his personal ride-on lawn mower (valued at $15 000) to be used by the business O b. The owner purchased a family holiday valued at $15 000 using funds from the business. Oc. The owner introduced $15 000 new capital Od. The business earned a profit of $15 000. If an entity has liabilities of $170 000 and equity of $300 000 its assets are: If an entity has liabilities of $170 000 and equity of $300 000 its assets are: O a. $370 000. O b. $470 000 Oc. $130 000 O d. $230 000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing Theory A Systems View

Authors: Hugh Marsh, G A Swanson

1st Edition

089930608X, 978-0899306087

More Books

Students also viewed these Accounting questions

Question

What is quality of work life ?

Answered: 1 week ago

Question

What is meant by Career Planning and development ?

Answered: 1 week ago

Question

What are Fringe Benefits ? List out some.

Answered: 1 week ago