Question
In: Accounting
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.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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,...
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...
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.
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...
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...
The following Petty Cash transactions took place at Ceraves during the month of August (ignore GST):...
The following Petty Cash transactions
took place at Ceraves during the month of August (ignore
GST):
1 August
Established a petty cash float for
$250
31 August
Petty Cash count confirmed balance of
$61.80 remaining
Receipts for the following presented
for the month of August:
Staff Amenities
$
38.80
Taxi Fares
$
72.00
Postage
$
77.40
REQUIRED:
Prepare journal entries for:
Establishment of the Petty Cash fund
Reimbursement of Petty Cash for August expenses
Address the following questions:1.Between journalizing and posting, which step changes the balance of an account? Explain.2.What...
Address the following questions:1.Between journalizing and
posting, which step changes the balance of an account?
Explain.2.What are some key differences between each of three trial
balances?
Analyzing & Recording Posting to the ledger
(T-Accounts)Preparing a Unadjusted Trial Balance #1Adjustments for
accruals and deferralsPreparing an Adjusted Trial Balance #2Prepare
Financial StatementsClosing Temporary AccountPreparing a
Post-Closing Trial Balance #3
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