Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 06, 2024

Compensating Errors In the previous example let's suppose when recording the transaction incorrect amount was entered in one side only: 2/5/2004 Dr. purchases 2,540 Cr.

image text in transcribed

Compensating Errors In the previous example let's suppose when recording the transaction incorrect amount was entered in one side only: 2/5/2004 Dr. purchases 2,540 Cr. Cash 2,450 purchases of goods 2.540 cash). How to correct this Error

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

The ASQ Certified Food Safety And Quality Auditor

Authors: Steven Wilson

4th Edition

1951058186, 978-1951058180

More Books

Students also viewed these Accounting questions

Question

★★★★★

Cozumel Corporation has $10,000,000 of 10.5 percent, 20-year bonds dated June 1, 2014, with interest payment dates of May 31 and November 30. After 10 years, the bonds are callable at 104, and each...

Answered: 1 week ago

Question

★★★★★

SWIFTY INC. Statement of Financial Position June 30, 2020 Assets Cash Accounts receivable Inventory Prepaid expenses FV-OCI investments Equipment Accumulated depreciation-equipment Total Liabilities...

Answered: 1 week ago

Question

★★★★★

=+d) Show in the nonatomic case that, if p1, P2, . .. are nonnegative and add to 1, then A can be decomposed into sets B1, B2, ... such that P(B ,, ) = p ,, P(A).

Answered: 1 week ago

Question

★★★★★

Presented below are incomplete manufacturing cost data. Determine the missing amounts for three differentsituations. Direct Materials Used Direct Labor Used Factory Overhead Total Manufacturing Costs...

Answered: 1 week ago

Question

★★★★★

On January 2, 2016, Alpha Company acquired a new machine by signing a 5 year note for $62,000. The estimated service life is eight years and the total units of output to be 200,000. The estimated...

Answered: 1 week ago

Question

★★★★★

1. L&P Power is a natural monopoly supplying electricity for a city. The firm produces the profit-maximizing quantity of electricity and earns a positive economic profit. (a) Describe a condition...

Answered: 1 week ago

Question

★★★★★

All of the following are true about reasonable accommodations EXCEPT: a. Information relating to a request is confidential and should only be shared on a need-to-know basis. b. You should always give...

Answered: 1 week ago

Question

★★★★★

On January 1, MM Company borrows $270,000 cash from a bank and in return signs an 4% installment note for five annual payments of $60,649 each. 1. Prepare the journal entry to record issuance of the...

Answered: 1 week ago

Question

★★★★★

Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890; and the building is appraised...

Answered: 1 week ago

Question

★★★★★

urgent! urgent please! business law, case study, Amit and Amita were husband and wife and was always quarrelling amongst each other amit promises to pay Rs. 50,000 to Amita as monthly expenses and...

Answered: 1 week ago

Question

★★★★★

Consider the following table for this question. 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 This array was declared with this statement: int colors = new int[4][5]; Write a single line of...

Answered: 1 week ago

Question

★★★★★

A specialist rather than generalist understanding of managerial work. Management is seen as an element of a job, not the job itself, with the emphasis being placed on the specialism and the knowledge...

Answered: 1 week ago

Question

★★★★★

Neither bureaucratic nor authoritarian. Formal modes of behaviour, and the weakness of an informal system, does not mean a love of bureaucracy and concern for authority. Studies have suggested the...

Answered: 1 week ago

Question

★★★★★

Predominance of subject-based education in management training. Managers tend to be graduates, with possession of a doctorate common, and managers are typically qualified in law, economics or...

Answered: 1 week ago

Previous Question Next Question