$2.2 Show the journal entries necessary to correct the following errors: a) A sale of goods £412 to T More had been entered in T Mone's account. b) The purchase of a machine on credit from J Frank for £619 had been completely omitted from our books. ) The purchase of a computer for £550 had been entered in error in the Office Expenses account. d) A sale of £120 to B Wood had been entered in the books, both debit and credit, as £102. e) Commission received £164 had been entered in error in the Sales account. f) A receipt of cash from T Blair f68 had been entered on the credit side of the cash book and the debit side of T Blair's account. g) A purchase of goods £372 had been entered in error on the debit side of the Drawings account. h) Discounts Allowed £48 had been entered in error on the debit side of the Discounts Received account

$2.2 Show the journal entries necessary to correct the following errors: a) A sale of goods £412 to T More had been entered in T Mone's account. b) The purchase of a machine on credit from J Frank for £619 had been completely omitted from our books. ) The purchase of a computer for £550 had been entered in error in the Office Expenses account. d) A sale of £120 to B Wood had been entered in the books, both debit and credit, as £102. e) Commission received £164 had been entered in error in the Sales account. f) A receipt of cash from T Blair f68 had been entered on the credit side of the cash book and the debit side of T Blair's account. g) A purchase of goods £372 had been entered in error on the debit side of the Drawings account. h) Discounts Allowed £48 had been entered in error on the debit side of the Discounts Received account

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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The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418
On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.
A book-keeper of a trading concern having failed to agree to the trial balance opened a suspense account and entered the difference in the trial balance. The following errors were subsequently discovered. (i) Goods sold to Manohar for Rs. 550 was posted as Rs. 5,500 in Manohar's account. (ii) Purchases return book was carried forward as Rs. 1,220 instead of Rs. 1,120. You are required to pass the journal entries for rectification of the above errors.
8. The purchase of office equipment was incorrectly posted to the office consumables account. The (1) correcting entry in the general journal will be:(a) Dr Equipment and Cr Office Consumables;(b) Dr Office Consumables and Cr Equipment;(c) Dr Office consumables and Cr Bank;(d) Dr Equipment and Cr Bank. 9. A business will offer goods on credit for the following reason(s): (1)i To increase sales volumes;ii To charge interest;iii To enable repeat purchases from their customers;iv To allow discount.(a) i and ii;(b) i and iii;(c) ii and iii;(d) ii and iv. 10. When a debtor is declared insolvent and the debt is written off as irrecoverable, the assets of the (1) business will:(a) Increase and decrease;(b) Increase;(c) Decrease;(d) Remain unchanged.
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Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
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.
A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609