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The annual audit of the accounting records of Fat Cat Ltd as at 30 June 2020 revealed the following errors and omissions. Assume all errors and omissions are material.
(i) On 1 August 2020, the store's manager found that a batch of invoices amounting to $60,000 relating to June 2020 purchases on credit had been entirely omitted. The company uses the perpetual inventory method.
(ii) A new equipment amounting to $171,200 purchased on 1 July 2018 for cash was erroneously debited to the Machinery account. The company uses a straight-line method to depreciate all of its non-current assets. While equipment is depreciated at 25% p.a., machinery is depreciated at 30%.
Required:
Problem 1: Prepare the necessary journal entries to correct above errors and omissions in its financial statements for the year ended 30 June 2020.
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