Below are three independent and unrelated errors. on december 31, 2017, wolfe-bache corporation failed to accrue office supplies expense of $1,800. in january 2018, when it received the bill from its supplier, wolfe-bache made the following entry: office supplies expense 1,800 cash 1,800 on the last day of 2017, midwest importers received a $90,000 prepayment from a tenant for 2018 rent of a building. midwest recorded the receipt as rent revenue. at the end of 2017, dinkins-lowery corporation failed to accrue interest of $8,000 on a note receivable. at the beginning of 2018, when the company received the cash, it was recorded as interest revenue. for each error: 1. what would be the effect of each error on the income statement and the balance sheet in the 2017 financial statements? 2. prepare any journal entries each company should record in 2018 to correct the errors.
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Business, 22.06.2019 12:40
Alarge tank is filled to capacity with 500 gallons of pure water. brine containing 2 pounds of salt per gallon is pumped into the tank at a rate of 5 gal/min. the well-mixed solution is pumped out at the same rate. find the number a(t) of pounds of salt in the tank at time t.
Answers: 3
Business, 22.06.2019 19:10
Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.
Answers: 3
Business, 23.06.2019 01:30
Bmw receives data transmitted by each new vehicle it sells to employees understand how customers use the products and when service may be needed. this use of technology aids in bmw's efforts to interact in an ongoing basis with its customers.
Answers: 1
Below are three independent and unrelated errors. on december 31, 2017, wolfe-bache corporation fail...
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