The following errors were discovered on the books of A-Line Distributors. Record correcting entries, complete with...

The following errors were discovered on the books of A-Line Distributors. Record correcting entries, complete with detailed explanations, for these errors. The dates of the original transactions appear in parentheses. Find what will credit and debit for these entries.

(a) $67 was debited to Office Equipment but should have been debited to Office Supplies Expense. (December 3)

(b) $25 was debited to Advertising Expense instead of Postage Expense. (December 5)

(d) The total of cash sales for the day, $4,250, was credited to Purchases instead of Sales. (December 14)

(e) $210.52 for gas and oil for the truck was charged to the Vehicles account instead of Delivery Expense. (December 18)

(f) An invoice for the purchase of warehouse supplies ($117.30) and office supplies ($141.70) was debited to Purchases. (December 2)

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Errors and Adjusting Entries Use the following information to record necessary end of period journal entries:

Errors and Adjusting Entries Use the following information to record necessary end of period journal entries: A man came into Cutting Edge on 31 March 2020 to pay for repairs to his mower which he will bring in later. He paid $2,500 cash. The mower was arranged to be delivered to Cutting Edge on 10 April, 2020.  Repair services of $6,250 were provided on 31 March 2020 but have not yet been recorded in the transactions. Payment has...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1.) Beginning inventory on January 1, 2017, was understated by $5,000. (2.) A two-year insurance policy purchased on April 30, 2017, in the amount of $20,400 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018. Required: Prepare appropriate journal entries (assume the 2018 books have not been closed). Ignore income taxes. (If no...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2015. The errors are described...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2015. The errors are described as follows: (1.) Beginning inventory on January 1, 2015, was understated by $5,000. (2.) A two-year insurance policy purchased on April 30, 2015, in the amount of $18,600 was debited to Prepaid Insurance. No adjustment was made on December 31, 2015, or on December 31, 2016. Required: Prepare appropriate journal entries (assume the 2016 books have not been closed). Ignore income taxes. (If no...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described...

Cherokee Company's auditor discovered some errors. No errors were corrected during 2017. The errors are described as follows: (1.) Beginning inventory on January 1, 2017, was understated by $5,000. (2.) A two-year insurance policy purchased on April 30, 2017, in the amount of $27,000 was debited to Prepaid Insurance. No adjustment was made on December 31, 2017, or on December 31, 2018. Required: Prepare appropriate journal entries (assume the 2018 books have not been closed). Ignore income taxes. (If no...

Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Shamrock Company sold $934,300 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost of...

Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Kingbird Company sold $850,000 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of...

Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system. If no entry is required, select "No Entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Sheridan Company sold $893,700 of merchandise to Skyson Company on account, terms 2/10. n/30. The cost of the...

Prepare the journal entries to record the following transactions on Oriole Company’s books using a perpetual...

Prepare the journal entries to record the following transactions on Oriole Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Sage Hill Company sold $878,600 of merchandise to Oriole Company on account, terms 3/10, n/30. The...

Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual...

Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Cullumber Company sold $914,000 of merchandise to Marin Company on account, terms 3/10, n/30. The cost of...

Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual...

Prepare the journal entries to record the following transactions on McLeena Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account, terms 2/10,n/30. The cost of the...

Subjects