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I. First show the entry made by the bookkeeper. II. Then show the correct entry. Use T accounts and label them depending upon the transaction
I. First show the entry made by the bookkeeper. II. Then show the correct entry. Use T accounts and label them depending upon the transaction in question. III. Then adjust the Net Income for each transaction separately reflecting the correct amounts. IV. Then determine the Correct Net income after adjusting all the transactions. An income statement showing a net income of $7,200 was prepared for Seymour Enterprises for the month of April 19XX. When the bookkeeper was recording the transactions, however, some errors were made. The errors are as follows: a. The owner, Carl Seymour, withdrew $1,000 for his personal use, but the $1,000 was debited to Wages Expense and credited to Cash. b. Customers sent cheques totalling $2,500 through
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