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Have you ever realized the day before a special occasion that you forgot to purchase a gift for someone?
Estimate how many transactions might occur in a single day in a modern grocery store with which you are familiar.
When an amount is journalized and posted as a debit to an incorrect expense account, why is the amount of the correcting entry debited to the correct expense.
Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00.
At Hard Rock Cafe, customers use cash or credit cards to make purchases. What control problems may occur when employees accept cash for a sale?
Write a restrictive endorsement to deposit a check in the account of Balsam Lake Accounting.
Write a special endorsement to transfer a check to Kenneth Burleson.
Paid cash to establish a petty cash fund, $300.00. C527.
Compare the canceled checks with the check stubs. For each canceled check, place a check mark next to the appropriate check stub number.
List arguments both for and against a proposal to convert all U.S. weights and measures to the metric system.
Assuming that all payments were duly made, and excesses of minimum payments over royalties were considered recoverable, show the ledger accounts .
New cases cost 20/- each; they are charged out to customers at 24/- each and credited on return at 18/- each. They are valued for stocktaking at 15/-each.
A company was incorporated on 1st January, 1960, and on that date purchased two machines, each costing £1,000.
On 1st January, 1956, the XY Trading Company Limited issued debentures to the value of £50,000 repayable in twenty years.
A company's Debenture Redemption Account shows a balance of £19,000 represented by £20,000 (nominal) invested in securities.
The company is now exercising its option to redeem the rest of the Debentures at 102 and the remaining investments are sold for £488,419.
The additional depreciation provided in respect of the year ended 31st December, 1962, in respect of all the machinery in use at that date was £9,780.
On 30th September, 1960, the Arconia Co. Ltd. issued £30,000 4% debentures, interest bemg payable on 31st March and 30th September.
You are required to set out the Taxation Account in the company's books for 1962 and to show the charge for taxation as it should appear in the published.
How is each amount entered in the accounts? Owner's equity accounts decrease on the debit side.
What two accounts are affected when a business pays cash to the owner for personal use?
Goods costing £72 have been withdrawn for personal consumption. Charge to Drawings.
Smith, a trader, received from his solicitor a cheque for £74 which represented the proceeds of collecting a debt due to him from Jones, a customer.
Bank Charges amounting to £8. 8. 0. shown in the bank statement had not been entered in the Cash Book.
Blythe in the books of Dundee & Co. showing on ONE account the net balance outstanding at the end of the month.