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A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered.
1. Made an addition error in totaling the Office Supplies column of the purchases journal.
2. Made an addition error in determining the balance of a creditor's subsidiary account.
3.Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account.
4.Correctly recorded a $8,000 purchase in the purchases journal but posted it to the creditor's subsidiary account as a $800 purchase.
5.Posted a purchases return to the Inventory account and to the Accounts Payable account but did not post to the creditor's subsidiary account.
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The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction.
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Write down a one-half page memorandum (at least 2 paragraphs) to Terrio explaining why the $6,000 loss on sale of Blackhawk stock is
a. How much gain does bill recognize on his exchange? What is the basis to Sam of his 900 shares?
Joyce's office building was destroyed in a fire (adjusted basis of $350,000; fair market value of $400,000). Of the insurance proceeds of $360,000 she receives.
Internal financial information is not available to public, so we have to rely on external information for our analysis. Review the financial statements for two years for your company which is Walgreens and another company which is CVS in the same ..
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