COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 4, Problem 6E
Recording a correcting entry.
On August 22, 2019, an employee of Bell Company mistakenly debited the Repair Expense account rather than the Truck Expense account when recording a bill of $900 for repairs. The error was discovered on October 1. Prepare a general
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
I need help with the attached image
Account
Chapter 4 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 4 - The part of the journal entry to be recorded first...Ch. 4 - A general journal is like a(n): a. address book....Ch. 4 - Why are check and invoice numbers included in the...Ch. 4 - Prob. 1.4SRQCh. 4 - Prob. 1.5SRQCh. 4 - Prob. 1.6SRACh. 4 - Prob. 2.1SRQCh. 4 - Prob. 2.2SRQCh. 4 - What is entered in the Posting Reference column of...Ch. 4 - Prob. 2.4SRE
Ch. 4 - Prob. 2.5SRECh. 4 - Prob. 2.6SRACh. 4 - What is recorded in the Posting Reference column...Ch. 4 - Prob. 2CSRCh. 4 - Prob. 3CSRCh. 4 - Prob. 4CSRCh. 4 - Prob. 5CSRCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - What is a ledger?Ch. 4 - What is posting?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - What is a compound journal entry?Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Compound journal entries. The following...Ch. 4 - Prob. 5ECh. 4 - Recording a correcting entry. On August 22, 2019,...Ch. 4 - Prob. 1PACh. 4 - On October 1, 2019, Helen Kennedy opened an...Ch. 4 - The following journal entries were prepared by an...Ch. 4 - Prob. 4PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - Prob. 1MFCh. 4 - Prob. 2MFCh. 4 - Prob. 3MFCh. 4 - Prob. 4MFCh. 4 - Prob. 1ED
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. What are the potential consequences if you do comply with your supervisors instructions?Who will be negatively impacted?arrow_forwardCorrection of errors In examining the books of Ula Company, you found out that certain adjustments had been overlooked at the end of 2019 and 2020. You also discovered that other items had been improperly recorded. These omissions and other failures for each year are summarized below: 12/31/20 Salaries payable Interest receivable Prepaid insurance Advances from customers (Collections from customers had been recorded as sales but should have been recognized as advances from customers because goods were not shipped until the following year) 12/31/19 P780,000 P873,600 259,200 384,000 470,400 213,000 307,800 561,000 Machinery (Capital expenditures had been recorded as repairs but should have been charged to Machinery; the depreciation rate is 10% per year, but depreciation in the year of expenditure is to be recognized at 5%) 522,000 564,000 Required: Compute for the total effect of errors in the net income of 2019 and 2020.arrow_forwardThe controller for Swifty Corp. is concerned about certain business transactions that the company experienced during 2023. The controller, after discussing these matters with various individuals, has come to you as the CFO for advice. Swifty follows ASPE. The transactions at issue are presented below: 1. 2. 3. The company has decided to switch from the direct write-off method for accounting for bad debts to the percentage-of- sales approach. Assume that Swifty has recognized bad debt expense as the receivables have actually become uncollectible in the following way: From 2022 sales From 2023 sales 2022 10,500 2023 3,900 14,900 The controller estimates that an additional $21,800 in bad debts will be written off in 2024: $3,700 applicable to 2022 sales and $18,100 to 2023 sales. Inventory has been shipped on consignment. These transactions have been recorded as ordinary sales and billed as such (on account). At December 31, 2023, inventory billed and in the hands of consignees amounted…arrow_forward
- Accounting Lindy Company's auditor discovered several errors. No errors were corrected during 2020. The errors are described as follows: A 3-year insurance policy purchased on Oct 31, 2020, in the amount of $18,000.00 was debited to Prepaid Insurance. No adjustment was made on December 31, 2020, or on December 31, 2021. Prepare appropriate journal entries to correct the error, and any adjusting entries required (assume the 2021 books have not been closed). Ignore income taxes. (If no entry is required for a transaction/event, select "No journal entry required.") a)identify the J/E made error b) Identify the J/E that should have been made c) Provide the correcting J/E to fix the error d)year end adjusting entryarrow_forwardplease and thank youarrow_forwardSuppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants you to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Would you make this correcting entry? What should you investigate before making a decision about the correcting entry? Are there any other steps you would take to address this issue?arrow_forward
- Part B is “Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount does not require a box, leave it blank.”arrow_forwardYour supervisor tells you to change the aging category of a large account from account receivables from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category. this will change the required allowance of uncollectible accounts from $180,000 to $135,000. what is the ethical dilemma the assistant controller faces?what are the ethical considerations? consider the options and responsibilities as the assistant controllerarrow_forwardPrior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.arrow_forward
- Prepare the necessary journal entries to record the following transactions in 2014 for the Blue Spruce. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Discarded old store equipment that originally cost $28,500 and had a book value of $5.928 on the date of disposal Depreciation on the equipment has already been recorded for the current year. Jan. 11 Sold a delivery truck for $9,576, The delivery truck originally cost $60,420 and had accumulated depreciation of $52,440 on the date of sale. The depreciation on the truck has already been recorded for the current year. Mar 6. Straight-line depreciation is recorded for the first quarter of 2014 on equipment with a 4-year useful life that was purchased on January 1, 2012 for $31.236 with an estimated salvage value of $3.876. Mar. 31 May. Incurred…arrow_forwardPearl Company began operations on January 2, 2025. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 11 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2025 2026 2025 2026 2025 2026 $8 $9 0 10 4 5 Pearl Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. (a) Your answer is partially correct. Prepare journal entries to record transactions related to compensated absences during 2025 and 2026. (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…arrow_forwardHelparrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License