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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 -
Q1. What should you investigate before making a decision about the correcting entry?
Q2. What is happening to the Cash account?
Q3. Would you accept a dinner offer from your co-worker for fixing the mistake?
At Long Co. electricity cost starts with a minimum fixed cost. What is the estimated variable cost per machine hour and what is the estimated TOTAL fixed cost?
Indicate whether the investment opportunity is expected to earn a return that is above or below the desired rate of return and whether it should be accepted.
The Barton Corporation purchased $750,000 of 3%, 5-year bonds at 98 on January 1, 2016. What is the amount of Interest Revenue recorded on July 1, 2016
Refer to the Stealth Software Inc. information above. If the sales price per unit is $30 and the company expects a 30% increase in sales volume this year along with a 20% decrease in fixed costs. What will be expected net income this year?
on december 1 2010 lester company issued at 103 two hundred of its 9 1000 bonds. attached to each bond was one
During the first year of partnership operations, the following events occurred: the partnership had a net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and Michelle had a 50% share in the partners..
Each has a will that passes her property to her surviving sister(s) or, if no survivor, to their church. Within a period of two years and on different dates, all three sisters die. Dis- cuss the Federal estate tax consequences of these deaths.
Each store manager is responsible for interviewing applicants for cashier jobs. They are hired if they seem honest and trustworthy.
Received $1,000 from customers as deposits on orders ofnew instruments to be sold to the customers in April. Complete the following statement.
What is the total revenue variance?
Use the Internet or Strayer online databases to research one (1) publicly traded company, which analysts have examined and ranked.
Use the four steps in the accounting process to analyze business transactions, a) Identifying transactions and source documents.
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