At Sandhill Company, the following errors were discovered after the transactions had been journalized and posted. 1. A collection on account from a customer for $830 was recorded as a debit to Cash $830 and a credit to Service Revenue $830. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,170 and a credit to Accounts Payable $1,170. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Service Revenue 830 Accounts Receivable 830 2. Supplies Accounts Payable
At Sandhill Company, the following errors were discovered after the transactions had been journalized and posted. 1. A collection on account from a customer for $830 was recorded as a debit to Cash $830 and a credit to Service Revenue $830. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,170 and a credit to Accounts Payable $1,170. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Service Revenue 830 Accounts Receivable 830 2. Supplies Accounts Payable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brief Exercise 4-09
At Sandhill Company, the following errors were discovered after the transactions had been journalized and posted.
1.
A collection on account from a customer for $830 was recorded as a debit to Cash $830 and a credit to Service Revenue $830.
2.
The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,170 and
credit to Accounts Payable $1,170.
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
Debit
Credit
1.
Service Revenue
830
Accounts Receivable
830
2.
Supplies
Accounts Payable
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