Correcting the Trial Balance: Alpha received cash of $300 in advance from acustomer that has not yet been earned, but incorrectly recorded it as a creditsale. What corrections, if any, should be made to the trial balance?Debit Column Select]Credit Column (Select]

Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Answered: Correcting the Trial Balance: Alpha…

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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Recorded credit sales. Select the accounts) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit = ? Credit = ? Options: Note Payable Accounts Receivable Salaries Expense Supplies Paid in Capital Common Stock Sales Revenue Salaries Payable Prepaid Insurance Unearned Revenue Cash Interest Expense Insurance Expense Supplies Expense Common Stock Equipment Accounts Payable Note Receivable
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
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Paid interest expense on Note recorded previously (above). Select the account(s) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit Debit Credit Credit Interest Expense Interest Payable Interest Payable Cash
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A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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On July 1, 2020, Bridgeport Corporation purchased Johnson Company by paying $189,700 cash and issuing a $64,500 note payable to Steve Johnson. At July 1, 2020, the balance sheet of Johnson Company was as follows. Cash $38,100 Accounts payable $160,000 Accounts Receivable 67,500 Stockholders' equity 165,800 Inventory 75,800 $325,800 Land 29,400 Buildings (net) 55,200 Equipment (net) 52,200 Copyrights 7,600 $325,800 The recorded amounts all approximate current fair values except for land (worth $45,400), inventory (worth $94,900), and copyrights (worth $11,300).
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Question Content Area Oct. 2: Received $3,180 from Ian Kearns and wrote off the remainder owed of $4,170 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area Dec. 20: Reinstated the account of Ian Kearns and received $4,170 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate - Select - - Select - - Select - - Select - Dec. 20-Collection

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Correcting the Trial Balance: Alpha received cash of $300 in advance from a customer that has not yet been earned, but incorrectly recorded it as a credit sale. What corrections, if any, should be made to the trial balance? Debit Column [Select] Credit Column (Select]