Entries to Correct Errors The following errors took place in journalizing and posting transactions: Cash of...

Entries to Correct Errors

The following errors took place in journalizing and posting transactions:

Cash of $3,460 received on account was recorded as a debit to Fees Earned and a credit to Cash. A $1,680 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.

Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.

Solutions

Expert Solution

1	Cash	6920
	Fees earned		3460
	Accounts Receivable		3460



2	Accounts Payable	1680
	Supplies Expense		1680


	Supplies	1680
	Cash		1680

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Entries to Correct Errors The following errors took place in journalizing and posting transactions: Insurance of...

Entries to Correct Errors The following errors took place in journalizing and posting transactions: Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. A withdrawal of $10,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. For part a, first reverse the original entry and then make the correct...

The following errors took place in journalizing and posting transactions: Cash of $8,800 received on account...

The following errors took place in journalizing and posting transactions: Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Journalize the entries to correct the errors. Omit explanations.

Journalizing petty cash Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies:

Question Journalizing petty cash Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies:March 1 Established a petty cash fund with a $250 balance.31 The petty cash fund has $24 in cash and $235 in petty cash tickets that were issued to pay for Office Supplies ($35) and Entertainment Expense ($200). Replenished the fund and recorded the expenditures. April 15 Increased the balance of the petty cash fund to $300.

1. The bookkeeper For Brooks Equipment Repair made a number of errors in journalizing and posting,...

1. The bookkeeper For Brooks Equipment Repair made a number of errors in journalizing and posting, as described below. 1. A credit posting of $450 to Account Receivable was omitted. 2. A credit posting of $750 for Prepaid Insurance was debited to Insurance Expense. 3. A collection from a customer of $ 100 in payment of it account owed was journalized and posted as debit to cash $ 100. 4. A credit posting of $300 to Property Taxes payable was...

The accountant for Smistad Guitar Repair Company made a number of errors in journalizing and posting,...

The accountant for Smistad Guitar Repair Company made a number of errors in journalizing and posting, as described below: 1. A credit posting of $400 to Accounts Payable was omitted. 2. A debit posting of $705 for Rent Expense was debited to Prepaid Rent. 3. A collection on account of $140 was journalized and posted as a $140 debit to Cash and a $140 credit to Service Revenue. 4. A credit posting of $445 to Accounts Payable was made twice....

Discuss the accounting cycle including transaction analysis, the accounting equation, journalizing transactions, and posting transactions to...

Discuss the accounting cycle including transaction analysis, the accounting equation, journalizing transactions, and posting transactions to the general ledger. Discuss the importance of the unadjusted trial balance, the need for adjusting journal entries and explain deferrals and accruals. What is the purpose of the adjusted trial balance? How is it used to help prepare the financial statements? Compare and contrast permanent and temporary accounts and the process of closing the temporary accounts.

P7-2 (General Ledger Entries; Statements) The following transactions took place in the town of Burchette during...

P7-2 (General Ledger Entries; Statements) The following transactions took place in the town of Burchette during 20X3: 1. A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund. 2. The bonds were sold at a premium of $90,000. 3. The cost of issuing the bonds, $80,000, was paid. 4. An order was placed for materials...

Journalizing and Posting Closing Entries The adjusted trial balance as of December 31, 2015, for Brooks...

Journalizing and Posting Closing Entries The adjusted trial balance as of December 31, 2015, for Brooks Consulting Company contains the following selected accounts. Adjusted Account Balances Debit Credit Service Fees Earned €32,120 Rent Expense €8,320 Salaries Expense 18,280 Supplies Expense 2,240 Depreciation Expense 4,080 Retained Earnings 26,800 (a) Prepare entries to close these accounts in journal entry form. General Journal Description Debit Credit Dec. 31 (1) AnswerCashRetained EarningsService Fees EarnedIncome Expense Answer Answer AnswerIncome ExpenseService Fees EarnedCashRetained Earnings Answer...

Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...

Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr.1 Roulstone contributed $11,500 cash to the business in exchange for common stock. 2 Paid $6,100 cash for the purchase of a used truck. 2 Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. 3 Paid $2,880 cash for two-year (or 24-month) premium toward liability insurance. 5 Purchased $1,200 of supplies...

Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions...

Journalizing and Posting Transactions and Adjustments D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow. Apr. 1 Roulstone contributed $23,000 cash to the business in exchange for common stock. 2 Paid $12,200 cash for the purchase of a used truck. 2 Purchased $6,200 of ladders and other equipment; the company paid $1,000 cash, with the balance due in 30 days. 3 Paid $5,760 cash for two-year (or 24-month) premium toward liability insurance. 5 Purchased $2,400 of supplies...

Subjects