BE4-9 (LO 3), AP At Creighton Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750.
BE4-9 (LO 3), AP At Creighton Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare correcting entries.
BE4.9 (LO 3), AP At Creighton Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.
1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870.
2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750.
Prepare the current assets section of a balance sheet.
BE4.10 (LO 4), AP The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,500, Prepaid Insurance $3,600, Cash $4,100, Supplies $5,200, and Debt Investments (short-term) $6,700. Prepare the
current assets section of the balance sheet, listing the accounts in proper sequence.
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