Homework Help is Here – Start Your Trial Now!
Business
Accounting
A new accountant prepared the following general journal entry on March 31, 2024, for Rock Castle Construction. The general journal entry includes an error. Choose the best explanation of the error from the choices provided. DR: 12000 Inventory $5,575 CR: 10100 Checking $5,575 Purchase of inventory Please add checkmark next to the correct answer(s). 1  Inventory should have been credited, not debited. 2  The account # for inventory is incorrect; should be 12100. 3  The checking account should have been debited, not cr

A new accountant prepared the following general journal entry on March 31, 2024, for Rock Castle Construction. The general journal entry includes an error. Choose the best explanation of the error from the choices provided. DR: 12000 Inventory $5,575 CR: 10100 Checking $5,575 Purchase of inventory Please add checkmark next to the correct answer(s). 1  Inventory should have been credited, not debited. 2  The account # for inventory is incorrect; should be 12100. 3  The checking account should have been debited, not cr

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

A new accountant prepared the following general journal entry on March 31, 2024, for Rock Castle Construction. The general journal entry includes an error. Choose the best explanation of the error from the choices provided. DR: 12000 Inventory $5,575 CR: 10100 Checking $5,575 Purchase of inventory

Please add checkmark next to the correct answer(s).

1  Inventory should have been credited, not debited.
2  The account # for inventory is incorrect; should be 12100.
3  The checking account should have been debited, not credited.
4  The Inventory account should never be adjusted by a general journal entry.
5  None of the above
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Merchandise Inventory
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
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS