topan bhd discovered that a customer sales invoice for the year ended 31 december 2017 rm300000...
topan bhd discovered that a customer sales invoice for the year ended 31 december 2017 rm300000 had been recorded twice.. this has resulted in an overstatement of revenue and trade receivables for the year ended 31 december 2019.. prepare journal entries to adjust the overstatement of revenue and trade receivables
Homework Answers
The adjusting entry will debit the sales revenue and will credit the trade receivable account.
The following is the journal entry:
| 31 december 2019 | sales revenue a/c | 300,000 | |
| .........To trade receivable a/c | 300,000 | ||
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topan bhd discovered that a customer sales invoice for
the year ended 31 december 2017 rm300000...
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inventory values and prepare the necessary adjustments to the
books. The following information is given to you.
1.
Coronado uses the periodic method of recording inventory. A
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2.
Not included in the physical count of inventory is $17,446 of
merchandise purchased on December 15 from Browser. This merchandise
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physical count reveals $446,291 of inventory on hand at December
31, 2017.
2.
Not included in the physical count of inventory is $25,498 of
merchandise purchased on December 15 from Browser. This merchandise
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