1. Using the quick tests for locating errors, find the error in each of the two questions below.Describe the type of error, explain how you discovered it, and make corrections.a)GENERAL JOURNALPARTICULARSDEBIT6 0 0031 ol ol ol -CREDITBankEquipmentСapital90 0 0Supplies10 0Accounts Payable10 025oExpenseBank250Accounts Receivable16 8 -Revenue16 8Bank50Accounts Receivable50DrawingsBankBankAccounts ReceivableSupplies6 000 -25016850-10050726 050-122-1185 728Equipment3 000Accounts PayableCapital100 –9 000DrawingsRevenueExperse72 -168 -205

Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

1. Using the quick tests for locating errors, find the error in each of the two questions below. Describe the type of error, explain how you discovered it, and make corrections. a) GENERAL JOURNAL PARTICULARS DEBIT CREDIT Bank Equipment 30oo - Capital 1o0 - Supplies Accounts Payable 250- Expense Bank 250 Accounts Receivable Revenue Bank Accounts Recelvable Drawings Bank Bank 6 000 - 50 Accounts Receivable 168 - Supplies 100- 250 s0 72 322 6050 118 5 728 Equipment Accounts Payabke Captal 3 000 9 000 - 100 Expense 205 Drawings Reveme 72 168

1. Using the quick tests for locating errors, find the error in each of the two questions below. Describe the type of error, explain how you discovered it, and make corrections. a) GENERAL JOURNAL PARTICULARS DEBIT CREDIT Bank Equipment 30oo - Capital 1o0 - Supplies Accounts Payable 250- Expense Bank 250 Accounts Receivable Revenue Bank Accounts Recelvable Drawings Bank Bank 6 000 - 50 Accounts Receivable 168 - Supplies 100- 250 s0 72 322 6050 118 5 728 Equipment Accounts Payabke Captal 3 000 9 000 - 100 Expense 205 Drawings Reveme 72 168

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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How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
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6. After comparing your bank statement, canceled checks, and checkbook register, complete the reconciliation statement shown below. What are the new and adjusted balances? Reconciliation Statement Check Register Balance Service Charge NEW BALANCE> 285.14 -8.10 Reconciliation statement Provided for your convenience Statement Balance Outstanding Checks # 202 # 203 $35.92 $28.75 Total Checks > (-) Outstanding Deposits 4/8 4/16 $129.08 $30.00 Total Deposits> (+) ADJUSTED BALANCE 182.63
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
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IMPORTANT Record the entries in the order the items are listed on the bank reconciliation report. When entering numbers, please do not use commas or dollar signs. Journal Date 2023 Accounts and Explanations 0 น PR Debit Page 52 Credit
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e - Prod x Module 8 Assessments - ACG20 * CengageNOWv2 | Online teachir ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $32,110. 2. Cash balance according to the bank statement at July 31, $31,350. 3. Checks outstanding, $2,870. 4. Deposit in transit, not recorded by bank, $4,150. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $20. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge a. July 31 Cash Accounts Payable v b. July 31 Miscellaneous Expense v Cash v Feedback Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section…