1. Paid $55 for an oil change. 2. Paid $446 to install special shelving units, which increase the operating efficiency of th Prepare Cullumber Company's journal entries to record these two transactions. (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.) No. Account Titles and Explanation Debit 1.

1. Paid $55 for an oil change. 2. Paid $446 to install special shelving units, which increase the operating efficiency of th Prepare Cullumber Company's journal entries to record these two transactions. (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.) No. Account Titles and Explanation Debit 1.

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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balance. In searching for the error, an employee discovered that a transaction for the The trial balance prepared by Reynaldo Abas Consulting as at Sept. 30, 2023 was not in purchase of a typewriter on credit for P6,100 has been recorded by a debit of P6,100 to the Office Equipment account and a debit of P6,100 to Accounts Payable. The credit Problem #15 Effects of Errors on the Trial Balance balance. In searching for the error, an employee discovered that a transaction for 98 column of the incorrect trial balance had a total of P926,000. Was the Office Equipment account overstated, understated, or correctly stated in the trial balance? 0Tfakd a. b. Was the total of the debit column of the trial balance overstated, understated, or correctly stated? Was the Accounts Payable account overstated, understated, or correctly С. stated in the trial balance? d. Was the total of the credit column of the trial balance overstated, understated or correctly stated? How much was the total of 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
Pina Colada Corp. had the following transactions. 1. Borrowed $5,065 from the bank by signing a note. 2. Paid $2,533 cash for a computer. 3. Purchased $456 of supplies on account. Journalize each transaction. (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 account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 3. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Whispering Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $22,800 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $56,250, 90-day, 8% note. Received a $47,400, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued interest revenue on all notes receivable.
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Journalize 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)
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How do I record the current transaction?