An examination of the accounts of Novak Company for the month of June revealed the following errors after the transactions werejournalized and posted.1.A check for $958 from S. Wilde, a customer on account, was debited to Cash $958 and credited to Service Revenue, $958.2.3.A payment for Advertising Expense costing $729 was debited to Utilities Expense, $279 and credited to Cash $279.A bill for $958 for Supplies purchased on account was debited to Equipment, $598 and credited to Accounts Payable $598.Prepare correcting entries for each of the above assuming the erroneous entries are not reversed. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)No. Account Titles and Explanation1.Accounts ReceivableService Revenue2.Accounts Payable3.Debit958729Credit958279279Utilities ExpenseCashAccounts ReceivableEquipmentAccounts PayableeTextbook and Media958598279598

The journal entries are prepared to record the transactions on a regular basis. The assets and…

An examination of the accounts of Novak Company for the month of June revealed the following errors after the transactions w journalized and posted. 1. A check for $958 from S. Wilde, a customer on account, was debited to Cash $958 and credited to Service Revenue, $95 2. 3. A bill for $958 for Supplies purchased on account was debited to Equipment, $598 and credited to Accounts Payable $59 A payment for Advertising Expense costing $729 was debited to Utilities Expense, $279 and credited to Cash $279. Prepare correcting entries for each of the above assuming the erroneous entries are not reversed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit

An examination of the accounts of Novak Company for the month of June revealed the following errors after the transactions w journalized and posted. 1. A check for $958 from S. Wilde, a customer on account, was debited to Cash $958 and credited to Service Revenue, $95 2. 3. A bill for $958 for Supplies purchased on account was debited to Equipment, $598 and credited to Accounts Payable $59 A payment for Advertising Expense costing $729 was debited to Utilities Expense, $279 and credited to Cash $279. Prepare correcting entries for each of the above assuming the erroneous entries are not reversed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation Debit Credit

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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Review and study the following journal entries and determine which entries have errors. All transactions are regular daily transactions (no adjusting entries). When looking for errors ask yourself does that transaction make sense? Once you discover an error, state how you would correct it.
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