FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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I. Using the following table, indicate the effect of the following errors of omission on the financial statement classifications listed. If as a result of the omission a classification is overstated, place a (+) in the appropriate space. An understatement is to be indicated by a (-). If the omission has no effect on the classification, place a (0) in the appropriate cell. . a. Payment for repairs erroneously debited to Building account. b. Recorded collection of an account receivable by debiting Cash and crediting revenue асcount. c. Depreciation for the month was omitted. d. Recorded twice an acquisition of office equipment on account. e. Rendered services for cash but made no record of the transaction. Effect of Omission Classification a b. e Revenues Expenses Total Assets Total Liabilities Owner's Equity
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Transcribed Image Text:I. Using the following table, indicate the effect of the following errors of omission on the financial statement classifications listed. If as a result of the omission a classification is overstated, place a (+) in the appropriate space. An understatement is to be indicated by a (-). If the omission has no effect on the classification, place a (0) in the appropriate cell. . a. Payment for repairs erroneously debited to Building account. b. Recorded collection of an account receivable by debiting Cash and crediting revenue асcount. c. Depreciation for the month was omitted. d. Recorded twice an acquisition of office equipment on account. e. Rendered services for cash but made no record of the transaction. Effect of Omission Classification a b. e Revenues Expenses Total Assets Total Liabilities Owner's Equity
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