$2.2 Show the journal entries necessary to correct the following errors: a) A sale of goods £412 to T More had been entered in T Mone's account. b) The purchase of a machine on credit from J Frank for £619 had been completely omitted from our books. ) The purchase of a computer for £550 had been entered in error in the Office Expenses account. d) A sale of £120 to B Wood had been entered in the books, both debit and credit, as £102. e) Commission received £164 had been entered in error in the Sales account. f) A receipt of cash from T Blair f68 had been entered on the credit side of the cash book and the debit side of T Blair's account. g) A purchase of goods £372 had been entered in error on the debit side of the Drawings account. h) Discounts Allowed £48 had been entered in error on the debit side of the Discounts Received account

$2.2 Show the journal entries necessary to correct the following errors: a) A sale of goods £412 to T More had been entered in T Mone's account. b) The purchase of a machine on credit from J Frank for £619 had been completely omitted from our books. ) The purchase of a computer for £550 had been entered in error in the Office Expenses account. d) A sale of £120 to B Wood had been entered in the books, both debit and credit, as £102. e) Commission received £164 had been entered in error in the Sales account. f) A receipt of cash from T Blair f68 had been entered on the credit side of the cash book and the debit side of T Blair's account. g) A purchase of goods £372 had been entered in error on the debit side of the Drawings account. h) Discounts Allowed £48 had been entered in error on the debit side of the Discounts Received account

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 72E

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Which of the following errors would not affect net income?A. Post-dated checks are classified as cash upon receipt from customersB. Purchases on account are unrecorded because the goods are still in transit : butthe goods were included in inventoryC. Depreciation expense was recorded twice for the same yearD. The client charged an ordinary repair as part of equipment cost.
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1. The next three items are based on the following:The bookkeeper of Latsch Company, which has an accounting year ending December 31, made the following errors: • A ₱ 1,000 collection from a customer was received on December 29, 20x0, but not recorded until the date of its deposit in the bank, January 4, 20x1. • A supplier's ₱ 1,600 invoice for inventory items received in December 20x0 was not recorded until January 20x1. (Inventories at December 31, 20x0 and 20x1, were stated correctly, based on physical count.) • Depreciation for 20x0 was understated by ₱ 900. In September 20x0, a ₱ 200 invoice for office supplies was charged to the Utilities Expense account. Office supplies are expensed as purchased. • December 31, 20x0, sales on account of ₱ 3,000 were recorded in January 20x1. 1. 1. Assume that no other errors have occurred and that no correcting entries have been made. Ignore income taxes. Profit for 20x0 was a. Understated by ₱ 500. c. Overstated by ₱ 2,500. b. Understated by ₱…
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3. A trial balance was extracted from the manually prepared accounts of Manjit Ltd at 31 October 20XY. The trial balance did not balance and investigation revealed the following errors. i. Sales of goods on credit to P. Singh, amounting to $400, had been omitted from the books. ii. A cheque for $190 received from S Greene, a debtor, had been correctly posted to the cash book but omitted from the trade receivable's account. A computer purchased on 30 April 20XY for $900 had been debited to the purchases account. The company policy is to charge depreciation on the computer using reducing balance method at 50% per annum. The depreciation accrues evenly throughout the year. No entries have been made in the ledger to record the depreciation of the computer. iv. A credit note of $100 received from Apollo Warehouses Ltd for goods supplied and returned had been posted as a credit to the account of Apollo Warehouses Ltd. A cheque for $698 for rent paid was recorded in the cash book and rent…
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While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.