College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Textbook Question
Chapter 4, Problem 11SPB
CORRECTING ERRORS Assuming that all
The following entry was made to record the purchase of $400 in equipment on account:
The following entry was made to record the payment of $200 for advertising:
The following entry was made to record a $600 payment to a supplier on account: 
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Journalize the entries to correct the following errors:
a. A purchase of supplies for $201 on account was recorded and posted as a debit to Supplies for $595 and as a credit to Accounts Receivable for $595. (Record the entry to
reverse the error first.) If an amount box does not require an entry, leave it blank.
b. A receipt of $5,900 from Fees Earned was recorded and posted as a debit to Fees Earned for $5,900 and a credit to Cash for $5,900. If an amount box does not require an
entry, leave it blank.
Kingbird Group provides many of the laminated products that teachers use in their classrooms. Kingbird management considers the
company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its
production of plastic tableware. To date, Kingbird has treated these cut-outs as a by-product, since it receives a small value for the
items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that
costs $1,900, are as follows. Both products are sold at the split-off point and not processed further All sales are on account.
Main laminated products
Small cut outs
(a)
Units Produced
2,200
600
1.
Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by products
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No
Entry for the…
1. The following entry was made to record the purchase of $700 in supplies on account:
142
Supplies
Cash
101
2. The following entry was made to record the payment of $450 in wages:
Rent Expense
Cash
3. The following entry was made to record a $400 payment to a supplier on account:
Supplies
142
200
Cash
101
1
2
3
4 2
5
DATE
6
7 3.
8
Required:
Assuming that all entries have been posted, prepare correcting entries for each of the errors. If an amount box does not require an entry, leave it blank.
Page:
9
521
101
10
700
450
700
450
200
ACCOUNT TITLE
To correct error in which a purchase of supplies on account was credited to Cash
To correct error in which a payment of wages was debited to Rent Expense
To correct error in which a $400 payment on account was recorded as a $200 cash purchase of supplies
DOC. POST.
NO. REF.
DEBIT
CREDIT
1
IN M+S
6
7
8
9
10
Chapter 4 Solutions
College Accounting, Chapters 1-27
Ch. 4 - Source documents serve as historical evidence of...Ch. 4 - The chart of accounts lists capital accounts...Ch. 4 - No entries are made in the Posting Reference...Ch. 4 - When entering the credit item in a general...Ch. 4 - When an incorrect entry has been journalized and...Ch. 4 - Prob. 1MCCh. 4 - A revenue account will begin with the number...Ch. 4 - To purchase an asset such as office equipment on...Ch. 4 - When fees are earned and the customer promises to...Ch. 4 - When the correct numbers are used but are in the...
Ch. 4 - Prob. 1CECh. 4 - Prob. 2CECh. 4 - Prob. 3CECh. 4 - Prob. 4CECh. 4 - Trace the flow of accounting information through...Ch. 4 - Name a source document that provides information...Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Where is the first formal accounting record of a...Ch. 4 - Describe the four steps required to journalize a...Ch. 4 - In what order are the accounts customarily placed...Ch. 4 - Explain the primary advantage of a general ledger...Ch. 4 - Explain the five steps required when posting the...Ch. 4 - Prob. 10RQCh. 4 - Explain why the ledger can still contain errors...Ch. 4 - Prob. 12RQCh. 4 - What is a transposition error?Ch. 4 - What is a correcting entry?Ch. 4 - Prob. 1SEACh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Diane Bernick has opened...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEACh. 4 - FINDING AND CORRECTING ERRORS On May 25, after the...Ch. 4 - SERIES A PROBLEMS JOURNALIZING AND POSTING...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - Prob. 1SEBCh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Sengel Moon opened The...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEBCh. 4 - FINDING AND CORRECTING ERRORS On April 25, after...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Benito...Ch. 4 - Prob. 10SPBCh. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - MANAGING YOUR WRITING You are a public accountant...Ch. 4 - MASTERY PROBLEM Barry Bird opened the Barry Bird...Ch. 4 - CHALLENGE PROBLEM Journal entries and a trial...
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