Identify the assumption, Presented below are some business transactions that occurred, Accounting Basics

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Identify the assumption

Presented below are some business transactions that occurred during 2008 for Vicki Prowitz Company. In each of the situations below identify the assumption, principle or the constraint that has been violated if any. give the correct journal entry.

Merchandise inventory with the cost of $208,000 is reported at its market value of $260,000. The following entry was made.Merchandise inventory 52,000,Gain 52,000.What should be the correct entries?

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Accounting Basics: Identify the assumption

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Accounting Basics: Identify the assumption

Reference No:- TGS0708751

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Determine the unit sales to attain that target profit

Q : What was the book value of the fixed assests

Q : How to realize income from operations

Q : Compute margin of safety in both dollars and as a percentage

Q : Identify the assumption

Q : Compute the market price of the bonds

Q : What recommendations would you make for this business

Q : Prepaid journal account is before adjustment

Q : How to explain the amount of under or over applied overhead

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Identify the assumption

Reference No:- TGS0708751

Recent Questions Asked Accounting Basics

Q : Determine the unit sales to attain that target profit

Q : What was the book value of the fixed assests

Q : How to realize income from operations

Q : Compute margin of safety in both dollars and as a percentage

Q : Identify the assumption

Q : Compute the market price of the bonds

Q : What recommendations would you make for this business

Q : Prepaid journal account is before adjustment

Q : How to explain the amount of under or over applied overhead

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