5 A trader debited the cost of repairing office equipment…
5 A trader debited the cost of repairing office equipment to the office equipment account. How did this error affect the financial statements? (1) Profit for the year Non-current assets A overstated understated B overstated understated C understated overstated D understated understated
Read Details7 The balances in the books of Jason on 1 July 2020 includ…
7 The balances in the books of Jason on 1 July 2020 included the following: $ Trade receivables Provision for doubtful debts 64 200 1 284 Trade receivables at 30 June 2021 were $58 500, of which $500 should be written off as irrecoverable. Jason wants to maintain his provision for doubtful debts at 2% of trade receivables. What was the change in the provision for doubtful debts on 30 June 2021? (1) A $114 decrease B $124 decrease C $376 increase D $386 increase
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