Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi, I need help with this transaction on a client, I only know he has violated at least one of the accounting assumptions, concepts or
Hi, I need help with this transaction on a client, I only know he has violated at least one of the accounting assumptions, concepts or definitions but do not know which one.
I need to:
- Explain the main accounting concept or assumption & definition that has been violated
- Describe what the correct treatment should be.
Luke, the owner of a market garden, paid for repairs to the gutters of his home using the business bank account.He recorded this as a debit to Maintenance Expense and credit to Cash at Bank in the business accounts.
please help, Thankyou
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