**Sandhill Company: Correcting Journal Entries**At Sandhill Company, the following errors were discovered after the transactions had been journalized and posted:1. A collection on account from a customer for $870 was incorrectly recorded as a debit to Cash $870 and a credit to Service Revenue $870.2. The purchase of store supplies on account for $1,510 was incorrectly recorded as a debit to Supplies $1,180 and a credit to Accounts Payable $1,180.**Prepare the Correcting Entries***(Note: Credit account titles are automatically indented when the amount is entered. Do not indent manually.)*| No. | Account Titles and Explanation | Debit | Credit ||-----|--------------------------------|-------|--------|| 1. | | | || 2. | | | |

The journal entries are prepared to record daily transactions of the business.

Answered: 1. A collection on account from a…

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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21. The A/R subledger is updated in each of the following situations EXCEPT when we: a. Record a sale on account b. Record the receipt of a customer's payment on account c. Authorize a customer to return items from a previous sale on account d. Write off a customers outstanding account balance because they have filed bankruptcy and will not be able to pay
There will be a credit balance to an account if _____. a. The last entry of the accounting period was posted on the credit side b. There is no entry in credit side c. The total amount of credit exceeds the total amount of the debits d. There are more entries on the debit side than on the credit side
This information relates to Monty Co. 1. 2. 3. 4. 5. (a) (b) On April 5, purchased merchandise from Martinez Company for $45,000, on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $1,150 on merchandise purchased from Martinez Company. On April 7, purchased equipment on account for $32,800. On April 8, returned $3,900 of the April 5 merchandise to Martinez Company. On April 15, paid the amount due to Martinez Company in full. Assume that Monty Co. paid the balance due to Martinez Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
1. Record the estimated bad debts expense. 2. Wrote off P. Park's account as uncollectible. 3. Reinstated Park's previously written off account. 4. Record the cash received on account.
The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. Omit explanations. If an amount box does not require an entry, leave it blank. a. The receipt of $3,770 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. Cash fill in the blank e51d80faffd4fcb_2 fill in the blank e51d80faffd4fcb_3 Accounts Receivable fill in the blank e51d80faffd4fcb_5 fill in the blank e51d80faffd4fcb_6 b. The purchase of supplies of $1,130 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first. fill in the blank 1fd73cf5b00afb5_2 fill in the blank 1fd73cf5b00afb5_3 fill in the blank 1fd73cf5b00afb5_5 fill in the blank 1fd73cf5b00afb5_6 Supplies fill in the blank 1fd73cf5b00afb5_8 fill in the blank 1fd73cf5b00afb5_9 Accounts Payable fill in the blank…
The Accounts Receivable Subsidiary ledger is a: O a separate ledger maintaining the details affecting individual vendor accounts a separate ledger maintaining the details affecting individual customer accounts O controlling account O never used in a manual accounting system The accrual of interest on December 31, 2008 for a note receivable dated December 15, 2008 would require the following adjusting je O debit Interest Receivable, credit Interest Income debit Interest Income, credit Interest Receivable debit Inrerest Payable; credit Interest Expense O debit Interest expense; credit Interest Payable A The allowance for uncollectible accounts is necessary because O a liability results when a credit sale is made O when recording uncollectible accounts expense, it is not possible to predict specifically which accounts will not be col management should know how many credit losses have been sustained over the years. O uncollected accounts that are written off must be accumulated in a…
At Crane Company, the following errors were discovered after the transactions had been journalized and posted. 1. A collection on account from a customer for $960 was recorded as a debit to Cash $960 and a credit to Service Revenue $960. 2. The purchase of store supplies on account for $1,560 was recorded as a debit to Supplies $1,190 and a credit to Accounts Payable $1,190.
it was wrong i need help
Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…

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