What would do to make the corrections in sage fifty

Assignment Help Accounting Basics
Reference no: EM132833839

On July 14, Ryan Fields purchased additional equipment for the nursery from a new supplier, Yarmouth Supplies. Fields entered the purchase incorrectly as a purchase from Yardworks Inc. He did not discover the error until two weeks later when the invoice was due. When he tried to make the payment in the Payments Journal, Yarmouth Supplies did not appear on the supplier list, so he could not make the payment. At that time, Fields was certain that he had entered the purchase but did not remember exactly how he had entered it

Problem a) How can he find the original entry? In detail, describe how he would make the necessary corrections to complete the payment.

Problem b) If he already paid the invoice to the wrong supplier and the supplier cashed the cheque, what would you do to make the corrections in Sage 50?

Reference no: EM132833839

Questions Cloud

What options does one have to correct error : Credit sale of $200 was recorded with the usual default Tax code GP. What options does one have to correct this error if the payment has not yet been recorded?
Find out the WACC based on book values : XYZ Industries has three sources of capital - Find out the WACC based on a) book values b) market values and comment on WACC
How can enter the refund by cheque in sage fifty : When a customer pays by cheque, how can you enter the refund by cheque in Sage 50? Can the transaction be completed in the Sales Journal? Why or why not?
What number of visits is required to break even : You are considering starting a walk-in clinic. What number of visits is required to provide you with an after-tax profit of $100,000
What would do to make the corrections in sage fifty : If he already paid the invoice to the wrong supplier and the supplier cashed the cheque, what would you do to make the corrections in Sage 50?
Strategy formulation focuses on effectiveness : Explain the difference between effectiveness and efficiency? Give an example of each concept.
Explain some of the challenges an accountant faces : Explain some of the challenges an accountant faces when preparing a consolidated statement of cash flows. Please also explain the procedures
Prepare the month-end adjusting entry : A 930 loan amortization of AVC Co. was erroneously debited by the bank to ABC Co.'s account. Prepare the month-end adjusting entry
Contrast evidence-based practice : Compare and contrast evidence-based practice with value-based practice.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Entity assets and claims

1. Which of the following is NOT normally an objective of financial reporting? a. To provide information about an entity's assets and claims against those assets b. To provide information that is useful in assessing an entity's sources and uses of ca..

  Advise Enyan on how transaction should be correctly dealt

Advise Enyan on how the above transaction should be correctly dealt with in its financial statements with reference to relevant IFRS

  Deferred income tax expense or benefit

Assuming a tax rate of 34 percent, compute the company's deferred income tax expense or benefit.

  The managing directors of three profitable listed companies

The managing directors of three profitable listed companies discussed their company's dividend policies at a business lunch.

  Prepare an income statement for July

Purchased office supplies on account, $1,850. Prepare an income statement for July, a statement of owner's equity for July

  Balance in eve prepaid insurance problem

Eve's Apples opened business on January 1, 2012, and paid for two insurance policies effective that date. The liability policy was $63,000 for eighteen-months, and the crop damage policy was $24,000 for a two-year term. What was the balance in Eve..

  How much of the Border NOL can be utilized in current year

If Collie reports taxable income of $400,000 for the current year, how much of the Border NOL can be utilized in the current year

  Compute realized real holding gain

A plot of land costing $200,000 was acquired on January 1, 2001. The t price level was 120 on that date. One-quarter of the land was sold on December 31, 2001.

  Determine the target cost for model

Determine the target cost for Model J20 assuming that the historical markup on product cost is maintained. Determine the required cost reduction

  What should be reported as additional paid-in capital

The XYZ partnership, In setting up the opening account balances for the new corporation, what should be reported as additional paid-in capital ?

  Sub-functions of human resource management

Discuss the effects that an impending labor shortage might have on the following three sub-functions of human resource management: (a) selection and placement,

  What will be the levered value of the equity

The current cost of equity is 12 percent and the tax rate is 35 percent. What will be the levered value of the equity

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd