Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

problem 1: A Milling machine purchased for $8,000 in the year January 2007 is expected to last for 5 years with no scrap value. Depreciation is computed on a straight line basis.

Show the entries in the Provision for Depreciation account for 5-years.

problem 2: Lilac Ltd.’s income statement at 31st December 2010 showed a total profit of $ 12,540. Then a verification of the accounts revealed the given errors:

a) Sales account was under cast by $ 650

b) Discount received of $115 was not posted to the discount received account.

c) Plant and machinery account was under cast by $650

d) A cash sales of $115 was posted to sales a/c however was omitted from the cash a/c.

e) A cash purchase of goods for resale $ 800 was credited to cash account however the debit entry was made in the Office Furniture account.

f) Commissions received of $312 were entered in the cash account however omitted from Commissions Received account.

Prepare journal entries to correct the above errors.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96970

Have any Question? 


Related Questions in Financial Accounting

Appendix a in the textbook details criteria for designing

Appendix A in the textbook details criteria for Designing or Evaluating a Long-Term Care System. Research a long-term care facility in your area and prepare a PowerPoint slide presentation detailing how this specific fac ...

You need to prepare a report on the topic communication amp

You need to prepare a report on the topic communication & leadership for the introduction to financial accounting. Learning Outcomes a) Use the accounting elements (assets, liabilities, equity, revenues and expenses) and ...

Describe corporate espionagedefine at least three ways to

Describe Corporate Espionage. Define at least three ways to prevent it. Your paper should meet the following requirements: Be two to three pages in length

Trust activities and fund issuesexercise 1a concerned

Trust Activities and Fund Issues Exercise 1 A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activi ...

Assignmentbullpreparationfor this problem you will need to

Assignment • Preparation For this problem, you will need to select two publicly traded companies. For comparison purposes, the two companies should be competitors within the same industry. Once you have selected two publ ...

Assignmentaug 1 purchased merchandise from arotek company

Assignment Aug. 1 Purchased merchandise from Arotek Company for $9,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 4 At Arotek's request, Sheng paid $360 cash for freight charges on the Aug ...

Comprehensive annual financial report of prince georges

Comprehensive Annual Financial Report of PRINCE GEORGE's COUNTY http://www.mncppc.org/Our_Departments/Central_Administrative_Services/Finance/CAFR/CAFR2015.html Prepare a Power Point presentation... 8-10 slides... COMPRE ...

1 morris minor corporation manufactures two products each

1. Morris Minor Corporation manufactures two products each of which require machine processing and labor operations. There is extensive demand for both products, but Morris Minor could devote all of its capacity to manuf ...

Assignment capstone projectpart 1 adjusting entries amp

Assignment: Capstone Project Part 1 Adjusting entries & Statements Year-end Adjustment Data for Roxy and Harley Corp is as follows: 1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Poin ...

Assignmentfinancial statement analysisprepare an eight- to

Assignment Financial Statement Analysis Prepare an eight- to ten-page fundamental financial analysis (excluding appendices, title page, abstract, and references page) that will cover each of the following broad areas bas ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen