FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following errors took place in journalizing and posting transactions: a. The receipt of $8,400 for services rendered was recorded as a debit to b. The purchase of supplies of $2,500 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries to correct the errors. Omit explanations. |
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- PLEASE DO NOT PROVIDE HAND WRITTEN ANSWERarrow_forwardJournalize the entries to correct the following errors (for each Journal Entry, omit the 4th journalizing step of providing an explanation): (a) An actual purchase of supplies for $300 on account was recorded and posted as a debit to Supplies for $600 and as a credit to Accounts Receivable for $500. (b) An actual receipt of $5,000 from Fees Earned was recorded and posted as a debit to Fees Earned for $3,000 and a credit to Cash for $3,000. JOURNAL Date Description Post. DR CR (a) (b)arrow_forwardThe following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except *A. Is the credit department independent of the sales department?B. Are debit or credit memos independently checked against sales invoice data?C. Are accounts receivable periodically reviewed and aged?D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal?E. None of themarrow_forward
- Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.arrow_forwardPrepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)arrow_forwardFOR YOU AND THE CLASS: What is the journal entry to record Bad debts expense under the allowance method. In other words ....what account would be debited and what account would be credited? Replyarrow_forward
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