Question

In: Accounting

For each of the following incorrect entries. Entry Description Debit Credit a. Office Supplies 1,800 Cash...

For each of the following incorrect entries.

Entry Description Debit Credit
a. Office Supplies 1,800
Cash 1,800
(Purchase of office supplies on credit.)
b. Cash 4,500
Revenue 4,500
(Received from customer. A credit customer paid their account in full)
c. Salaries Expense 1,500
Cash 1,500
(Withdrawal of cash for personal use.)
d. Cash 750
Accounts Receivable 750
(Performed services and received payment from customer on the same day.)


Journalize the appropriate correcting entry(ies).

Next prepare journal entries

Solutions

Expert Solution

Correcting enties / adjusting entries

1. Cash Acc. Dr

To Account payable

(Being cash wrongly credited )

2. Revenue acc dr.

To account receivable

(At the time of credit sale revenue was credited there, hence no need to credit again)

3. Drawing Acc dr.

To salary acc.

(Being cash withdrawan is not salary, salary account wrongly debited there)

4. Account receivable acc dr.

To revenue acc.

(Account receivable is credited when there is credit sale but in this case sale is on cash, account receivable wrongly credited earlier)

Correct journal Entries are as follows

1. Purchase of office supplies on credit

Office supplies acc. Dr

To Account payable

2. Reveived from customer

Cash acc. Dr

To Account receivable

3. Withdrawal of cash for persoonal pupose.

Drawing acc dr.

To cash acc.

Or

capital acc dr

To cash acc.

4. Perform service and received payment

Cash Acc. Dr

To Revenue

Hope this meets your purpose.

Please like the answer if it was helpful.

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

when a vendor invoice is received for office supplies, the following entry is recorded: a. Debit-...
when a vendor invoice is received for office supplies, the following entry is recorded: a. Debit- accounts payable, credit- office supplies b. Debit- retained earnings, credit- office supplies c. Debit- office supplies, credit- accounts payable d. Debit- office supplies, credit accounts receivable.
The entry to establish a petty cash fund includes: a debit to Cash and a credit...
The entry to establish a petty cash fund includes: a debit to Cash and a credit to Petty Cash. a debit to Cash and a credit to Cash Over and Short. a debit to Petty Cash and a credit to Cash. a debit to Petty Cash and a credit to Accounts Receivable. a debit to Petty Cash and a credit to Petty Cash Payable.
throughout the list, label each as either debit, credit or no entry for the following prompt....
throughout the list, label each as either debit, credit or no entry for the following prompt. "A hardware distributor ships an order of nails on account to Naperville True Value Store. Match the accounts to the correct debit and credit entries." 1. cost of goods sold 2. inventory 3. revenue 4. accounts receivable 5. freight 6. discounts, returns and allowances 7. accounts payable 8. cash
Account Title Debit Credit Cash $ 6,800 Accounts receivable 14,000 Office supplies 7,233 Trucks 196,000 Accumulated...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 14,000 Office supplies 7,233 Trucks 196,000 Accumulated depreciation—Trucks $ 40,376 Land 50,000 Accounts payable 10,800 Interest payable 4,000 Long-term notes payable 35,000 K. Wilson, Capital 204,883 K. Wilson, Withdrawals 29,000 Trucking fees earned 126,000 Depreciation expense—Trucks 26,043 Salaries expense 61,674 Office supplies expense 19,000 Repairs expense—Trucks 11,309 Totals $ 421,059 $ 421,059 Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31, 2015.
Account Title Debit Credit Cash $ 6,300 Accounts receivable 27,000 Office supplies 7,975 Trucks 192,000 Accumulated...
Account Title Debit Credit Cash $ 6,300 Accounts receivable 27,000 Office supplies 7,975 Trucks 192,000 Accumulated depreciation—Trucks $ 39,552 Land 44,000 Accounts payable 10,300 Interest payable 15,000 Long-term notes payable 60,000 K. Wilson, Capital 186,409 K. Wilson, Withdrawals 40,000 Trucking fees earned 126,000 Depreciation expense—Trucks 25,511 Salaries expense 68,005 Office supplies expense 14,000 Repairs expense—Trucks 12,470 Totals $ 437,261 $ 437,261    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31....
Account Title Debit Credit Cash $ 6,300 Accounts receivable 27,000 Office supplies 7,975 Trucks 192,000 Accumulated...
Account Title Debit Credit Cash $ 6,300 Accounts receivable 27,000 Office supplies 7,975 Trucks 192,000 Accumulated depreciation—Trucks $ 39,552 Land 44,000 Accounts payable 10,300 Interest payable 15,000 Long-term notes payable 60,000 K. Wilson, Capital 186,409 K. Wilson, Withdrawals 40,000 Trucking fees earned 126,000 Depreciation expense—Trucks 25,511 Salaries expense 68,005 Office supplies expense 14,000 Repairs expense—Trucks 12,470 Totals $ 437,261 $ 437,261    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31....
Account Title Debit Credit   Cash $ 5,000   Accounts receivable 14,500   Office supplies 7,618   Trucks 191,000   Accumulated...
Account Title Debit Credit   Cash $ 5,000   Accounts receivable 14,500   Office supplies 7,618   Trucks 191,000   Accumulated depreciation—Trucks $ 39,346   Land 47,000   Accounts payable 9,000   Interest payable 9,000   Long-term notes payable 42,000   K. Wilson, Capital 188,017   K. Wilson, Withdrawals 28,000   Trucking fees earned 122,000   Depreciation expense—Trucks 25,378   Salaries expense 64,956   Office supplies expense 14,000   Repairs expense—Trucks 11,911   Totals $ 409,363 $ 409,363    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
  Account Title Debit Credit   Cash $ 9,800   Accounts receivable 14,000   Office supplies 8,223   Trucks 152,000   Accumulated...
  Account Title Debit Credit   Cash $ 9,800   Accounts receivable 14,000   Office supplies 8,223   Trucks 152,000   Accumulated depreciation—Trucks $ 31,312   Land 40,000   Accounts payable 13,800   Interest payable 16,000   Long-term notes payable 37,000   K. Wilson, Capital 145,080   K. Wilson, Withdrawals 32,000   Trucking fees earned 121,000   Depreciation expense—Trucks 20,196   Salaries expense 70,116   Office supplies expense 5,000   Repairs expense—Trucks 12,857   Totals $ 364,192 $ 364,192    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
5. Account Title Debit Credit Cash $ 9,300 Accounts receivable 27,500 Office supplies 6,518 Trucks 191,000...
5. Account Title Debit Credit Cash $ 9,300 Accounts receivable 27,500 Office supplies 6,518 Trucks 191,000 Accumulated depreciation—Trucks $ 39,346 Land 50,000 Accounts payable 13,300 Interest payable 5,000 Long-term notes payable 42,000 Common stock 15,000 Retained earnings 146,818 Dividends 10,000 Trucking fees earned 130,000 Depreciation expense—Trucks 25,378 Salaries expense 55,577 Office supplies expense 6,000 Repairs expense—Trucks 10,191 Totals $ 391,464 $ 391,464    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 26,000 Office supplies 7,205 Trucks 151,000 Accumulated...
Account Title Debit Credit Cash $ 6,800 Accounts receivable 26,000 Office supplies 7,205 Trucks 151,000 Accumulated depreciation—Trucks $ 31,106 Land 47,000 Accounts payable 10,800 Interest payable 12,000 Long-term notes payable 38,000 Common stock 17,000 Retained earnings 149,867 Dividends 45,000 Trucking fees earned 128,000 Depreciation expense—Trucks 20,063 Salaries expense 61,439 Office supplies expense 11,000 Repairs expense—Trucks 11,266 Totals $ 386,773 $ 386,773    Use the above adjusted trial balance to prepare Wilson Trucking Company’s classified balance sheet as of December 31,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT