Question
In: Accounting
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 2 years agoRelated Solutions
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