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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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