Business, 01.12.2021 04:00 cardsqueen
On the last day of 2020, Midwest Importers received a $91,000 prepayment from a tenant for 2021 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2021. At the end of 2020, Dinkins-Lowery Corporation failed to accrue interest of $8,100 on a note receivable. At the beginning of 2021, when the company received the cash, it was recorded as interest revenue. Required: For each error: 1. What would be the effect of each error on the income statement and the balance sheet in the 2020 financial statements
Answers: 1
Business, 23.06.2019 00:30
Bruno's pizza restaurant makes full payment of $8,300 on an account payable to stella's cheese co. stella's would record this transaction with a
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Business, 23.06.2019 00:40
On june 3, teal company sold to chester company merchandise having a sale price of $2,600 with terms of 2/10, n/60, f.o.b. shipping point. an invoice totaling $91, terms n/30, was received by chester on june 8 from john booth transport service for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the teal company books to record all the events noted above under each of the following bases. (1) sales and receivables are entered at gross selling price. (2) sales and receivables are entered at net of cash discounts.
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Business, 23.06.2019 01:30
Young owners of a sole proprietorship will likely not find financial support available from?
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Business, 23.06.2019 09:30
Which part in a cover letter do you write down skills and experience
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On the last day of 2020, Midwest Importers received a $91,000 prepayment from a tenant for 2021 rent...
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