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. Date2021252930CashNotes PayableBorrowed cash from bankCashAccounts and ExplanationService RevenueReceived cash on accountAccounts PayableCashPaid cash on account from the 18thAdvertising ExpenseCashPaid for monthly advertising in newspaperCashHideaway, WithdrawalsOwner withdrew cash from businessRefDebit36,0005007502001,400Credit36,0005007502001,400State if Corrector IncorrectCorrectionneeded):(if

Journal Entries - Journal Entries are the records of the transactions entered into by the company…

Date 20 21 25 29 30 Cash Accounts and Explanation Notes Payable Borrowed cash from bank Cash Service Revenue Received cash on account Accounts Payable Cash Paid cash on account from the 18th Advertising Expense Cash Paid for monthly advertising in newspaper Cash Hideaway, Withdrawals Owner withdrew cash from business Ref Debit 36,000 500 750 200 1,400 Credit 36,000 500 750 200 1,400 State if Correct or Incorrect Correction needed): (if

Date 20 21 25 29 30 Cash Accounts and Explanation Notes Payable Borrowed cash from bank Cash Service Revenue Received cash on account Accounts Payable Cash Paid cash on account from the 18th Advertising Expense Cash Paid for monthly advertising in newspaper Cash Hideaway, Withdrawals Owner withdrew cash from business Ref Debit 36,000 500 750 200 1,400 Credit 36,000 500 750 200 1,400 State if Correct or Incorrect Correction needed): (if

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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Similar questions

1. What should you do to ensure that errors in journalizing, posting or in the preparation of the trial balance are minimized, if not eliminated?
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Review and study the following journal entries and determine which entries have errors.
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