Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20- May 23 DATE Cash Correct the error in the general journal using a correcting entry. Page: 1 1 May 25 2 3 Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. 101 401 DEBIT CREDIT 1 3 1,400.00 1,400.00

Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20- May 23 DATE Cash Correct the error in the general journal using a correcting entry. Page: 1 1 May 25 2 3 Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. 101 401 DEBIT CREDIT 1 3 1,400.00 1,400.00

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 8SEA: FINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams...

See similar textbooks

Similar questions

Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $2,810 from Ian Kearns and wrote off the remainder owed of $2,610 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash Allowance for Doubtful Accounts Accounts Receivable-Ian Kearns Feedback Check My Work July 29: Reinstated the account of Ian Kearns and received $2,610 cash in full payment. July 29 Accounts Receivable-Ian Kearns Allowance for Doubtful Accounts July 29 Cash Accounts Receivable-Ian Kearns
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,060 from Ian Kearns and wrote off the remainder owed of $2,310 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $2,310 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,890 from Paula Spitler and wrote off the remainder owed of $2,250 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Paula Spitler and received $2,250 cash in full payment. Dec. 20-Reinstate Dec. 20-Collection
FINDING AND CORRECTING ERRORS Joe Adams bought 500 worth of office supplies on account. The following entry was recorded on May 17. Find the error(s) and correct it (them) using the ruling method. On May 25, after the transactions had been posted, Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using the correcting entry method.
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,820 from Matthew Chapman and wrote off the remainder owed of $6,660 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Matthew Chapman and received $6,660 cash in full payment. Dec. 20-Reinstate Dec. 20-Collection
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. July 29. July 29.
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
Journalize the entries to record the following: March 1 Established a petty cash fund of $877. March 31 The amount of cash in the petty cash fund is now $729. The fund is replenished based on the following receipts: office supplies, $48 selling expenses, $105. Record any discrepancy in the cash short and over account. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Mar. 31 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29. Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. July 29 July 29
Collecting a receivable previously written off—direct write-off method Spring Garden Greenhouse had trouble collecting its account receivable from Steve Stone. On June 19, 2018, Spring Garden Greenhouse finally wrote off Stone’s $600 account receivable. On December 31, Stone sent a $600 check to Spring Garden Greenhouse. Journalize the entries required for Spring Garden Greenhouse, assuming Spring Garden Greenhouse uses the direct write-off method.
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,037 and No. 5893 for $502. Check No. 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,000 9,915 11,479 19,564 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 1,037 781 09/05 09/12 09/21 09/25 09/30 09/30 1,163 2,228 4,012 2,368 18 IN 5888 5902 1,900 670 NSF 936 378 2,097 264 1,852 5901 5905 5903 5904 1,690 CM 5907 5909 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Debit Date Sept. 5 12 1,163 2,228 4,012 2,368 1,660 21 25 30 11,431 Cash Payments Cash Check No. 5901 Credit 1,900 781 5902 5903 5904 378 2,054 936 1,034 264 391 1,852 5905 5906 5907…
An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries