Question

In: Accounting

1. Show the following entries in the Ledger accounts and in the Journal, which would be...

1. Show the following entries in the Ledger accounts and in the Journal, which would be necessary to correct each of the errors.

a. A typewriter purchased for office use, S$355 was debited to Purchases account.

b. S$560 paid for insurance was debited to Advertising account.

c. Sale of office equipment S$2,800 was posted to the Sales account.

d. Cash S$500 withdrawn by the owner for private use was debited to Wages account.

e. Sales returns S$90 was posted to the Purchases account.

Solutions

Expert Solution

Solution:
Wrong Entries
Date Account titles & explanations Debit Credit
a. Purchases $355
   Cash $355
b. Advetising $560
   Cash $560
c. Cash $2,800
   Sales $2,800
d. Wages $500
   Cash $500
e. Purchases $90
   Cash $90
Correct entry
Date Account titles & explanations Debit Credit
a. Typewriter $355
   Cash $355
b. Insurance $560
   Cash $560
c. Cash $2,800
   Office equipment $2,800
d. Owner's withdrawal $500
   Cash $500
e. Sales return $90
   Cash $90
Entries which require to rectify the errors
Date Account titles & explanations Debit Credit
a. Typewriter $355
   Purchases $355
b. Insurance $560
   Advetising $560
c. Sales $2,800
   Office equipment $2,800
d. Owner's withdrawal $500
   Wages $500
e. Sales return $90
   Purchases $90
DR           Purchases               CR
$355
$90
DR           Typewriter               CR
$355
DR           Insurance               CR
$560
DR           Advertising               CR
$560
DR                Sales                 CR
$2,800
DR       Office Equipment               CR
$2,800
DR    Owner's withdrwal               CR
$500
DR                Wages               CR
$500
ekkarill92 answered 2 years ago
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