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Question: Β. Pratt commenced business on 1st January, 1962, with a capital of £3,000 cash. The following transactions took place: Jan.
3 Paid £200 Rent for premises.
6 Purchased good for cash, £160.
7 Purchased goods on credit from W. Davies, £300.
9 Paid Wages, £60.
10 Cash Sales to date, £200.
14 Purchased goods on credit from H. Penn, £600. 15 Sold goods on credit to B. Cooper, £210.
16 Paid Wages, £60.
18 Paid W. Davies in full settlement, £293. Enter these transactions in the accounts of B. Pratt and take out a Trial Balance
Write a report on "Significant Accounting Standards related to STO, Many accounting standards are important for a company to follow. In this analysis, we are stressing upon four accounting standards.
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Should the asbestos companies be held morally responsible in the sense of being capable of making a moral decision about the ill effects of asbestos exposure?
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Indicate the type of adjusting entry-prepaid expense, unearned revenue, accrued revenue, and accrued expense- that is needed to correct the misstatement.
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