Question 11 of 34 The following errors were discovered in the course of examination of the Silver Company's financial records: Year 2014 wages payable for P34,000 was not recorded. Accrued vacation pay for the year 2014 for P62,500 was not recorded because the bookkeeper "never learned that you had to do it". Insurance for a 12-month period purchased on November 1, 2014 was charged to expense in the amount of P37,200 because "the amount of the check is about the same every year". What is the net effect of the above errors on the January 1, 2015 accumulated profits? Select the correct response: . P59,300 over P65,500 over P96,500 over P127,500 over

Question 11 of 34 The following errors were discovered in the course of examination of the Silver Company's financial records: Year 2014 wages payable for P34,000 was not recorded. Accrued vacation pay for the year 2014 for P62,500 was not recorded because the bookkeeper "never learned that you had to do it". Insurance for a 12-month period purchased on November 1, 2014 was charged to expense in the amount of P37,200 because "the amount of the check is about the same every year". What is the net effect of the above errors on the January 1, 2015 accumulated profits? Select the correct response: . P59,300 over P65,500 over P96,500 over P127,500 over

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

ChapterB: Bad Debts

Section: Chapter Questions

Problem 2P

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These errors were discovered in the account of Golden Arches Company: Salaries payable amounting to P 34,000 was not recorded in 2021. Accrued vacation pay for the year 2021 for P 62,500 was not recorded due to lack of knowledge by the bookkeeper. Insurance for a 12-month period purchased on November 1, 2021 was charged to expenses in the amount of P 37,200. P 64,500 under P 6,200 under P 65,500 over P 59,300 over
These errors were discovered in the account of Golden Arches Company: Salaries payable amounting to P 34,000 was not recorded in 2021. Accrued vacation pay for the year 2021 for P 62,500 was not recorded due to lack of knowledge by the bookkeeper. Insurance for a 12-month period purchased on November 1, 2021 was charged to expenses in the amount of P 37,200. a. P 6,200 under b. P 65,500 over c. P 59,300 over d. P 64,500 under
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