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Discuss the impact on the accounting equation

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Reference no: EM133005775

Question - The accountant for Fitzroy Cuisine Bistro Pty Ltd alerts the owners of the business as at 30 June 2020 that Invoice PO 980X for inventory purchased on credit from Melbourne Trading $5,000 plus GST was not recorded.

Required - As the accountant you will need to:

-Identify and define the appropriate account(s) to correct the inaction of not recording Invoice PO 980X from Melbourne Trading $5,000 plus GST.

-Report the impact on the financial statements: Income Statement and Balance Sheet.

-Discuss the impact on the accounting equation by now recording Invoice PO 980X from Melbourne Trading.

Reference no: EM133005775

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