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Question: 1. For each of the following errors, indicate whether the error would cause the accounting equation to be out of balance, and if so, indicate how it would be out of balance.
(a) The purchase of land for $50,000 cash was recorded as an increase in land of $50,000 and a decrease in cash of $5,000.
(b) The receipt of $7,500 for fees earned was recorded as an increase in cash of $7,500 and an increase in liabilities of $7,500.
2. What is a primary control for determining the accuracy of a business's record keeping?
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Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?
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on january 1 of the current year palm corporation purchased the net assets of vickis unincorporated business for
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Describe the relationship between tests of acquisition and payment cycle and tests of inventory. Give specific examples of how these types of tests affect each other.
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