A Marketing consultant buys a new business laptop for 650 but forgets to enter the purchase...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A Marketing consultant buys a new business laptop for £650 but forgets to enter the purchase in the books. What type of error is this? Select one: OA. Original entry O B. Commission OC. Principle OD. Reversal of entries OE. Ommission O F. Compensating A payment of £200 was received from a customer who owes the business money. The amount was entered as £150. What is the journal to correct this? DEBIT + £50 CREDIT £50 (Select the correct answer in each blank space above) DEBIT EO £25 CREDIT £50 A payment to a credit supplier for £25 has been posted as DR Bank £25, CR Payables £25 (+ CR Supplier account £25). What is the journal to correct this? DEBIT/CREDIT VALUE Payables Bank Supplier account (Drag the correct answer into each blank space above) (Note: If you type your answers rather than using the drag and drop, please ensure you enter each value exactly as shown in the options or your answer will be marked incorrect) A direct debit of £5,250 for business rates has been correctly posted to the bank account but was not posted to the rates account. What is the journal to correct this? DEBIT £5,250 CREDIT £5,250 (Select the correct answer in each blank space above) ( ( A Marketing consultant buys a new business laptop for £650 but forgets to enter the purchase in the books. What type of error is this? Select one: OA. Original entry O B. Commission OC. Principle OD. Reversal of entries OE. Ommission O F. Compensating A payment of £200 was received from a customer who owes the business money. The amount was entered as £150. What is the journal to correct this? DEBIT + £50 CREDIT £50 (Select the correct answer in each blank space above) DEBIT EO £25 CREDIT £50 A payment to a credit supplier for £25 has been posted as DR Bank £25, CR Payables £25 (+ CR Supplier account £25). What is the journal to correct this? DEBIT/CREDIT VALUE Payables Bank Supplier account (Drag the correct answer into each blank space above) (Note: If you type your answers rather than using the drag and drop, please ensure you enter each value exactly as shown in the options or your answer will be marked incorrect) A direct debit of £5,250 for business rates has been correctly posted to the bank account but was not posted to the rates account. What is the journal to correct this? DEBIT £5,250 CREDIT £5,250 (Select the correct answer in each blank space above) ( (
Expert Answer:
Answer rating: 100% (QA)
Error of omission This is simply a failure to record ... View the full answer
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date:
Students also viewed these accounting questions
-
What type of error occurs when the interpreter fails to recognize code? a. Debugging b. Syntax c. Run-time d. Logic
-
Put into T-Accounts Transaction No. A Dr. B Dr. C Dr. D Dr. E Dr. Dr. F Dr. Inventory Cr. Accounts Payable Cash Cr. Deferred Revenue Prepaid Insurance Cr. Cash Accounts Payable Cr. Cash Cr. Inventory...
-
Account No Account Titles Dr Cr Dr Cr 101Cash8840 112Accounts Receivable10989 130Prepaid Insurance2828 157Equipment23599 167Accumulated DepreciationEquip4394 201Accounts Payable9150 212Salaries and...
-
Evaluating these 3 bonds: Face value Coupon rate Maturity year A 1000 8% 5 B 1000 6% 10 C 1000 0% 10 Suppose the yield curve is flat at 7% for all maturities. Use annual compounding in this problem....
-
Identify and discuss ten tips for conducting a successful interview.
-
On January 1, 2024, Sledge had common stock of $120,000 and retained earnings of $260,000. During that year, Sledge reported sales of $130,000, cost of goods sold of $70,000, and operating expenses...
-
With the rider in the racing position, how much more power is required to pedal a bicycle at \(15 \mathrm{mph}\) into a \(20-\mathrm{mph}\) head-wind than at \(15 \mathrm{mph}\) through still air?...
-
Consider a service provider that is in the delivery business such as UPS or FedEx. How can the principles of MRP be useful to such a company?
-
You have an object with an unknown electric charge. In other words, it could be neutral, negatively charged, or positively charged. You make two observations about this object. 1. The object of an...
-
Gold Enterprises acquired 100 percent of Premium Builders stock on December 31, 20X4. Balance sheet data for Gold and Premium on January 1, 20X5, are as follows: At the date of the business...
-
Was POSCO successful in establishing trust through communication? How is communication important to trust-building efforts? Can you answer these questions?
-
Tequila Crisis (C) (web exercise). Log in to IMF International Financial Statistics to present and analyze Mexicos capital account over the period 1992 1996. How can you reconcile your findings with...
-
Bristols Bicycles maintains inventory records under the perpetual inventory system. At 30 June 2019, the inventory balance determined by the system showed a value of $300 000. However, on conducting...
-
Given the assumptions of a perfectly competitive industry, explain why firms operating in that industry are reluctant to invest in new technological development.
-
State the amount of revenue that should be recognised by Whitehall Ltd in the year ended 31 December 2020 for each item below, justifying your answer by reference to the revenue definition and...
-
Part A Branxton Ltds inventory on 1 April 2019 had a cost of $100 000 and a retail value of $170 000. During April, the companys net purchases cost $216 000 and had a net retail value of $324 000....
-
Write the storage representation for the following data in a linked list. Be very specific. B D A E C F
-
You are standing at x = 9.0 km and your assistant is standing at x = 3.0 km. Lightning bolt 1 strikes at x = 0 km and lightning bolt 2 strikes at x = 12.0 km. You see the flash from bolt 2 at t = 10...
-
An automatic process controller will eliminate the current manual control operations. The annual cost of the current method is $5,000. If the controller has a service life of 12 years, and an...
-
Assume the stamping machine will now be used for only three years, owing to the company's losing several government contracts. The MV at the end of year three is $50,000. What is the income tax owed...
-
Classify each of the following cost items as mostly fixed or variable: Raw materials ...............................Administrative salaries Direct labor ..................................Payroll...
-
Due to the Covid recession of 2020, the U.S. government budget changed from smaller deficits to very large deficits. What impact would this have on the net exports and private sector balances, all...
-
Verify the log-likelihood in equation (16.4) for the Tobit model. In L = = In { 1-0 (x-di)} 1:y=di 122. + (y; - x) 02 (16.4) i:y;>di
-
Verify the likelihood in equation (16.5) for the two-part model. n2. (16.5) -(-)-(-2)/02 L = [] {(p;)" (1 p; )'-'} [[ ( i=1 ri=1
Study smarter with the SolutionInn App