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

Assignment business plan - finalthis assignment consists of

Assignment: Business Plan - Final This assignment consists of two sections: your final business plan and your business plan financials. Note: You must submit both sections as separate files for the completion of this ass ...

Financial accountingi abc inc was incorporated on 11512

Financial Accounting I. ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500 ...

Advanced financial accountingpisa company acquired 75

Advanced financial Accounting Pisa Company acquired 75 percent of Siena Company on January 1, 20X3 for $712,500. The fair value of the non-controlling interest was equal to 25 percent of book value. On the date of acquis ...

Fasbthe president of conglomerate corporation has

FASB The president of Conglomerate Corporation has instructed you, the Controller, to report quarterly profits within 2% of the projected budget and those figures will be reported to all stakeholders. Use the attachment ...

Assignmentswish watch corporation manufactures sells and

Assignment Swish Watch Corporation manufactures, sells, and services expensive, ugly watches. The company has been in business for three years. At the end of the most recent year, 2006, the accounting records reported to ...

Research the major risks for businesses that indulge in

Research the major risks for businesses that indulge in commercial applications of social networking. Also, review the readings on page 311 of your textbook about how organizations can respond to social networking proble ...

1 differentiate between economic rights and non-economic

1. Differentiate between economic rights and non-economic rights under the 14 th amendment. 2. Explain the importance of quality management and apply statistical quality control techniques. 3. To what extent do sole prop ...

Assignmentfreds electrical inc sells electrical parts to

Assignment Fred's Electrical, Inc. sells electrical parts to electrical contractors in the northwestern United States. Fred's customers mail their payments - attached to the stub (i.e., remittance advice [RA]) from their ...

Budget assignmentyou have been asked to prepare the

Budget Assignment You have been asked to prepare the operating budget for a 150 room hotel, with a 50 seat Coffee Shop, a 100 seat Dining Room and a 25 seat Bar. The operating budget for the year is based on the followin ...

Assignmentin integrative problem 86 in chapter 4 you were

Assignment In integrative problem 86 in Chapter 4, you were asked to calculate Carmin's gross income for 2013. This is the second phase, which provides the additional information necessary for you to calculate her taxabl ...

  • 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