What is the adjusting entry on the book of the company?
Q. The cashier-bookkeeper had misappropriated 30000 and an additional 10000 by charging sales discounts and crediting accounts receivable.
Also, can you please explain what originally happened on this transaction?
Also, can you please explain what originally happened on this transaction?
A. An adjusting entry is needed to comply with matching principle which requires that all revenues earned should be matched with the expenses incurred to generate that revenue..
In this case, the business has incurred a loss resulting in decrease in the assets. An entry is required to record this loss, However, before recording a loss, it must be made clear that:
1. Is the business insured against the loss by theft? If so make a claim with insurance company
2. Since the loss amounts to a criminal act, a report must be lodged with the police.
3. Assist the police in locating the culprit and recover as much money as possible.
The loss will recorded as follows:
Debit Loss by theft - admin expense
Credit Cash
Credit Accounts receivable
The amounts will depend on the actual loss. If any amount is recovered:
Debit Cash and credit Loss by theft
As regards the additional details, it is not possible to mention exactly what must have happened. Only the cashier book keeper can give you the answer.
To determine how the act must have been committed, there is a long process which can be possible by examining the accounting records. There might be more funds involved, which can be determined from an audit only.
One thing is certain, the owner must have been negligent in keeping a check on his/her employees
In this case, the business has incurred a loss resulting in decrease in the assets. An entry is required to record this loss, However, before recording a loss, it must be made clear that:
1. Is the business insured against the loss by theft? If so make a claim with insurance company
2. Since the loss amounts to a criminal act, a report must be lodged with the police.
3. Assist the police in locating the culprit and recover as much money as possible.
The loss will recorded as follows:
Debit Loss by theft - admin expense
Credit Cash
Credit Accounts receivable
The amounts will depend on the actual loss. If any amount is recovered:
Debit Cash and credit Loss by theft
As regards the additional details, it is not possible to mention exactly what must have happened. Only the cashier book keeper can give you the answer.
To determine how the act must have been committed, there is a long process which can be possible by examining the accounting records. There might be more funds involved, which can be determined from an audit only.
One thing is certain, the owner must have been negligent in keeping a check on his/her employees
Does anyone know where to find Branson, Missouri coupons/ discounts for last week of this month?
Q. My family is going on a vacation to Branson, MO on July 24. I am wanting to know where I can find any coupons or discounts. I know we want to visit titanic, ride the bumper boats and go carts, and shop at the tanger outlet center, and that big new mall by the bass pro shop. Any ideas would be great! Thanks in advance.
A. I think you should come to the Lake of the Ozarks instead. We have a lot more options then Branson when it comes to attractions. We have less music show, but more fun!!!
You should visit the Lake of the Ozarks Missouri....
Conveniently located in the heart of Missouri, The Lake of the Ozarks is the Midwest's premier lake resort destination, offering world-class boating, golf, shopping and fishing, and a wide variety of lodging, restaurants, state parks, and other recreational activities to suit any budget and taste. Lake of the Ozarks vacations are defined by the Lake and its many waterfront accommodations, restaurants, and recreational and entertainment venues.
We have it all family fun and crazy night life.
www.EliteLakeOzarks.com
You should visit the Lake of the Ozarks Missouri....
Conveniently located in the heart of Missouri, The Lake of the Ozarks is the Midwest's premier lake resort destination, offering world-class boating, golf, shopping and fishing, and a wide variety of lodging, restaurants, state parks, and other recreational activities to suit any budget and taste. Lake of the Ozarks vacations are defined by the Lake and its many waterfront accommodations, restaurants, and recreational and entertainment venues.
We have it all family fun and crazy night life.
www.EliteLakeOzarks.com
How much would it cost to stay at great wolf lodge in PA during march?
Q. I wannna go there for afterprom in march & I wanna get an estimate on how much it would cost for a simple room for 2-4 people.
This great wolf lodge in is the pocono mountains. helppp
This great wolf lodge in is the pocono mountains. helppp
A. It $139.00 a night for 1 person but call see if they have discount and be nice and honsty
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