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Give the journal entries needed to record the corrections of the following. Narratives are required.
a) Extra capital of £ 10,000 paid into the bank had been credited to Sales account.
b) Goods taken for own use £ 700 had been debited to General Expenses.
c) Private insurance £ 89 had been debited to Insurance account.
d) A purchase of goods from C Kelly £ 857 had been entered in the books as £ 587.
e) Cash banked £ 390 had been credited to the bank column and debited to the cash column in the cashbook.
f) Cash drawings of £ 400 had been credited to the bank column of the cashbook.
g) Returns inwards £ 168 from M McCarthy had been entered in error in J Charlton's account.
h) A sale of a motor van £ 1,000 had been credited to Motor Expenses.
Fiat has introduced a new car in the United States called the 500. Assume that your boss has the responsibility to forecast the sales of the 500 in the United States for the year 2012. He believes that Fiat will sell 85,000 of the 500s for 2012. Supp..
If a company converts a short-term note payable into a long-term note payable, this transaction would a. Decrease working capital and increase the current ratio b. Decrease working capital and decrease the current ratio c. Decrease the current rati..
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods:1. First-in, first-out (FIFO)
In determining the adequacy of IT controls, which of the following is not applicable. What is the primary benefit of having an internal auditor with expertise and experience in their business?. What is a way management can gain assurance over control..
There are two choices to finance the acquisition of these assets: one, would be to obtain an installment loan from City National Bank at 9.0% for 6 years (compounded annually). The other choice would be to issue non-cumulative, $125 pa..
Create summary entries on the books of the consignor for consignment sales transactions and create summary entries on the books of the dealer consignee; consider there is only one dealer involved.
Determine whether the debt-to-equity ratio is increasing or decreasing and whether the company should be concerned.
Evaluate your ability to analyse and identify the reasons for any cost variations, and to communicate these variations to stakeholders.
Suppose that the central bank increases the money stock. What will be the effects on output in the short run and in the medium run?
During the current year, Tourist Company had operating income of $510,000 and operating expenses of $400,000. In addition, Tourist Company had a long-term capital gain of $30,000. How does Cheryl, the sole owner of Tourist Company, report this inform..
financial planning involves preparation of cash budget.presented below are the budgeted income statements for the
Prepare general journal entries for Goela Ltd
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