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Chart of Accounts On March 1, it was discovered that the following errors took place in journalizing and posting transactions: CHART OF ACCOUNTS a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. General Ledger b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 42 Sales Commission 13 Supplies Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). 14 Prepaid Insurance EXPENSES (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to 15 Land 51 Advertising Expense the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal 16 Equipment 52 Automobile Expense explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically 17 Automobiles 53 Insurance Expense indent a credit entry when a credit amount is entered. 54 Rent Expense LIABILITIES 55 Salary Expense 21 Accounts Payable 56 Supplies Expense 22 Unearmed Rent 57 Utilities Expense 23 Notes Payable 58 Misoellaneous Expense 24 Salaries Payable COUITV Check My Work Email Instructor Save All work saved. 0 日門

Chart of Accounts On March 1, it was discovered that the following errors took place in journalizing and posting transactions: CHART OF ACCOUNTS a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. General Ledger b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 42 Sales Commission 13 Supplies Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). 14 Prepaid Insurance EXPENSES (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to 15 Land 51 Advertising Expense the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal 16 Equipment 52 Automobile Expense explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically 17 Automobiles 53 Insurance Expense indent a credit entry when a credit amount is entered. 54 Rent Expense LIABILITIES 55 Salary Expense 21 Accounts Payable 56 Supplies Expense 22 Unearmed Rent 57 Utilities Expense 23 Notes Payable 58 Misoellaneous Expense 24 Salaries Payable COUITV Check My Work Email Instructor Save All work saved. 0 日門

FINANCIAL ACCOUNTING
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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Chart of Accounts On March 1, it was discovered that the following errors took place in journalizing and posting transactions: CHART OF ACCOUNTS a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. General Ledger b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 42 Sales Commission 13 Supplies Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). 14 Prepaid Insurance EXPENSES (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to 15 Land 51 Advertising Expense the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal 16 Equipment 52 Automobile Expense explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically 17 Automobiles 53 Insurance Expense indent a credit entry when a credit amount is entered. 54 Rent Expense LIABILITIES 55 Salary Expense 21 Accounts Payable 56 Supplies Expense 22 Unearmed Rent 57 Utilities Expense 23 Notes Payable 58 Misoellaneous Expense 24 Salaries Payable COUITV Check My Work Email Instructor Save All work saved. 0 日門
Transcribed Image Text:Chart of Accounts On March 1, it was discovered that the following errors took place in journalizing and posting transactions: CHART OF ACCOUNTS a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. General Ledger b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. ASSETS REVENUE 11 Cash 41 Fees Eamed 12 Accounts Receivable 42 Sales Commission 13 Supplies Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). 14 Prepaid Insurance EXPENSES (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to 15 Land 51 Advertising Expense the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal 16 Equipment 52 Automobile Expense explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals will automatically 17 Automobiles 53 Insurance Expense indent a credit entry when a credit amount is entered. 54 Rent Expense LIABILITIES 55 Salary Expense 21 Accounts Payable 56 Supplies Expense 22 Unearmed Rent 57 Utilities Expense 23 Notes Payable 58 Misoellaneous Expense 24 Salaries Payable COUITV Check My Work Email Instructor Save All work saved. 0 日門
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