![]() Also open accounts receivable subsidiary ledger accounts for Brooke Sledd, Paul Kohr, and Amy Nilson. Open the general ledger accounts with balances as shown in the previous problem (do not open a Cost of Goods Sold ledger account). Journalize the April transactions shown in the previous problem that should be recorded in the sales journal and the cash receipts journal assuming the periodic inventory system is used.Ģ. Prepare headings for a cash receipts journal like the one in Exhibit 7A.2. Prepare headings for a sales journal like the one in Exhibit 7A.1. ![]() in the previous problem uses the periodic inventory system.ġ. They include IFRS 10 Consolidated Financial Statements (issued May 2011), IFRS 11 Joint Arrangements (issued May 2011), Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (issued October 2012), IFRS 16 Leases (issued January 2016) and IFRS 17 Insurance Contracts (issued May 2017).Assume that Wise Co. ![]() Other Standards have made minor consequential amendments to IAS 7. These amendments require entities to provide disclosures about changes in liabilities arising from financing activities. In January 2016 IAS 7 was amended by Disclosure Initiative (Amendments to IAS 7). ![]() IAS 7 Cash Flow Statements replaced IAS 7 Statement of Changes in Financial Position (issued in October 1977).Īs a result of the changes in terminology used throughout the IFRS Standards arising from requirements in IAS 1 Presentation of Financial Statements (issued in 2007), the title of IAS 7 was changed to Statement of Cash Flows. In April 2001 the International Accounting Standards Board adopted IAS 7 Cash Flow Statements, which had originally been issued by the International Accounting Standards Committee in December 1992.
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