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3 years ago

Last years ending inventory was overstated. This error would cause...

Business

1 answer:

Vsevolod [243]3 years ago

7 0

Answer:

This periods end assets to be overstated

Explanation:

As inventory is summarized in the assets if the final inventory is overstated it will generate an overstate in the following years.

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3 years ago

The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." Yo

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The April ledger accounts for cash showed is :

JEFFERSON COMPANY

Bank Reconciliation, April 30, Current Year

Company's Books Bank Statement

Ending balance per cash account 26100 Ending balance per bank statement 23690

Additions: Additions:

Interest collected 1320 Deposits in transit 7200

1320 7200

27420 30890

Deductions: Deductions:

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Bank charges 60

330 3800

Correct cash balance 27090 Correct cash balance 27090

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1 year ago