Ask Question, Ask an Expert


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

Troy and tracy are married and file a joint income tax

Troy and Tracy are married and file a joint income tax return. Their adjusted gross income is $30,000 per year. On last years return, the Tanks claimed a $960 credit for child care expenses. The Tanks are in the 15% marg ...

Conducting their business as a c corporation an s

Conducting their business as a C corporation, an S corporation, or an LLC would meet Bill and George’s objectives of having limited liability. From a tax perspective, both the S corporations and the LLC would allow the l ...

Low-active price strategythis price strategy characterizes

Low-active price strategy This price strategy characterizes the behavior of discounters in all fields: Wal-Mart and Dollar General in retail, Southwest Airlines in air travel, and so on. When a large segment of buyers is ...

A common concept that many students struggle with is the

A common concept that many students struggle with is the idea of comprehensive income. In your own words, explain what this concept means. Can you provide direct examples of items that affect comprehensive income but are ...

On january 2 2015 henry cabot and lodge formed a

On January 2, 2015, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value ...

Develop two lease examples operating and capital which

Develop two lease examples, operating and capital which includes the lease terms. State the requirements for determining whether a lease is an operating or capital lease. Provide journal entries that set up the lease and ...

Suppose you were considering replacing 50 full-time

Suppose you were considering replacing 50 full-time programmers, each receiving the following annually: o $60,000 salary o $5,000 pension fund contributions o $1,000 each in medical, life insurance, and dental plan payme ...

1 listen to the video below for the exerciseproblem the

1. Listen to the video below for the exercise/problem. The video completes the problems using the book numbers. 2. Open the Guidance Report and rework the problem with the changed numbers and place your answers on the gu ...

Business casualty losses one of your client bc llc bought

Business Casualty Losses One of your client BC LLC bought an apartment complex on 01/01/2004. Total Cost of apartment including land was $8,726,210. Accumulated Depreciation as of 12/31/2014 was 4,513,597. BC refinanced ...

What does full disclosure mean how does full disclosure

What does full disclosure mean? How does full disclosure affect financial reporting? Are there any ethical implications to what must be reported in order to comply with full disclosure? Explain. What recommendations woul ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate