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Question - Assume found the following errors:
Equipment purchased for P7,500 at year-end was debited to Expenses.
Sales on credit of P829 were debited to Accounts Receivable for P892 and credited to Revenues for P829.
A P8,000 collection on accounts receivable was debited Cash and credited to Revenues.
The inventory amount is understated by P2,500 (cost of goods sold is included in expenses).
Required - Prepare correcting entries.
With these thoughts in mind, how can Sarah fairly assess her students without overburdening herself with additional work
Sales for the year were $8,100,000, of which 75% was on credit, and the credit sales returns were $146,000. Calculate the amount of the net credit sales
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You invest $1,000 in a certificate of deposit that matures after twelve years and pays 5 percent interest, How much interest will you earn
Pacific Company is a rapidly growing start up business. Its bookkeeper, who was hired one year ago-Evaluate Pacific's internal control system and indicate which principles of internal control appear to have been ignored.
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