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Question - As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.
For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.
Required -
1. What should you investigate before making a decision about the correcting entry?
2. What is happening to the Cash account?
3. Would you accept a dinner offer from your co-worker for fixing the mistake?
Assuming that Green Co. took a full year's straight-line depreciation expense in the current year, calculate the operating income that should have been reported
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These notes will guide you in writing a business letter to an accounting client. An effective letter meets your receiver's needs. In this case, it answers the client's questions in a clear, accurate, concise way.
You have an opportunity to purchase a truck that will last 3 years and cost 30,000 dollars. Calculate the NPV using an interest rate of 10 percent
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