The following errors are discovered for XYZ Company 1. Sales amounting to P24,000 were recorded only...

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The following errors are discovered for XYZ Company 1. Sales amounting to P24,000 were recorded only when cash was collected in 2021 Goods were delivered in 2020 and were not included in the 2020 ending inventory 2. Goods costing P15,000 were included twice in the inventory list at December 31, 2020. 3. Commission income earning in 2020 were recorded only when cash was received in 2021, P18,000 4. The following were not taken up by the end of 2020 and 2021. Unsued supplies Accrued interets receivable Unearbed rebt Accrued wages payable 2020 2021 7,000.00 8,500.00 12,000.00 15,000.00 36,000.00 22,000.00 42,000.00 33,000.00 All purchases of supplies were charged to supplies expense and collections of rent in advance were credited to rent revenue The following errors are discovered for XYZ Company 1. Sales amounting to P24,000 were recorded only when cash was collected in 2021 Goods were delivered in 2020 and were not included in the 2020 ending inventory 2. Goods costing P15,000 were included twice in the inventory list at December 31, 2020. 3. Commission income earning in 2020 were recorded only when cash was received in 2021, P18,000 4. The following were not taken up by the end of 2020 and 2021. Unsued supplies Accrued interets receivable Unearbed rebt Accrued wages payable 2020 2021 7,000.00 8,500.00 12,000.00 15,000.00 36,000.00 22,000.00 42,000.00 33,000.00 All purchases of supplies were charged to supplies expense and collections of rent in advance were credited to rent revenue

Answer rating: 100% (QA)

Here are the necessary corrections for the errors discovered for XYZ Company 1 Sales amounting to P2... View the full answer