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File Edit View History Bookmarks Profiles Tab Window Help nbox (2 x M ACC101 X (4726) IFX Account x Account X M Question X WiConnect X Content ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%2 ter 7 Quiz 10 Saved Exercise 7-10 (Algo) Purchases journal and error identification LO P3 A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered. Ask Transaction 1. Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account. 2. Posted a purchases return to the Inventory account and to the Accounts Payable account, but mistakenly forgot to post to the subsidiary account of the creditor. 3. Made an addition error of $500 in calculating the Store Supplies column of the purchases journal. 4. Posted a purchases return of $200 to the Accounts Payable account and to the creditor's subsidiary account, but forgot to post the return to the Inventory account. 5. Made an addition error in determining the balance of a creditor's subsidiary account. Mc Graw Hill ? 0 18 < Prev 10 of 10 Next tv♫ G Search or type URL Error A

File Edit View History Bookmarks Profiles Tab Window Help nbox (2 x M ACC101 X (4726) IFX Account x Account X M Question X WiConnect X Content ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%2 ter 7 Quiz 10 Saved Exercise 7-10 (Algo) Purchases journal and error identification LO P3 A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered. Ask Transaction 1. Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account. 2. Posted a purchases return to the Inventory account and to the Accounts Payable account, but mistakenly forgot to post to the subsidiary account of the creditor. 3. Made an addition error of $500 in calculating the Store Supplies column of the purchases journal. 4. Posted a purchases return of $200 to the Accounts Payable account and to the creditor's subsidiary account, but forgot to post the return to the Inventory account. 5. Made an addition error in determining the balance of a creditor's subsidiary account. Mc Graw Hill ? 0 18 < Prev 10 of 10 Next tv♫ G Search or type URL Error A

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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File Edit View History Bookmarks Profiles Tab Window Help nbox (2 x M ACC101 X (4726) IFX Account x Account X M Question X WiConnect X Content ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%2 ter 7 Quiz 10 Saved Exercise 7-10 (Algo) Purchases journal and error identification LO P3 A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered. Ask Transaction 1. Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account. 2. Posted a purchases return to the Inventory account and to the Accounts Payable account, but mistakenly forgot to post to the subsidiary account of the creditor. 3. Made an addition error of $500 in calculating the Store Supplies column of the purchases journal. 4. Posted a purchases return of $200 to the Accounts Payable account and to the creditor's subsidiary account, but forgot to post the return to the Inventory account. 5. Made an addition error in determining the balance of a creditor's subsidiary account. Mc Graw Hill ? 0 18 < Prev 10 of 10 Next tv♫ G Search or type URL Error A
Transcribed Image Text:File Edit View History Bookmarks Profiles Tab Window Help nbox (2 x M ACC101 X (4726) IFX Account x Account X M Question X WiConnect X Content ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%2 ter 7 Quiz 10 Saved Exercise 7-10 (Algo) Purchases journal and error identification LO P3 A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered. Ask Transaction 1. Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account. 2. Posted a purchases return to the Inventory account and to the Accounts Payable account, but mistakenly forgot to post to the subsidiary account of the creditor. 3. Made an addition error of $500 in calculating the Store Supplies column of the purchases journal. 4. Posted a purchases return of $200 to the Accounts Payable account and to the creditor's subsidiary account, but forgot to post the return to the Inventory account. 5. Made an addition error in determining the balance of a creditor's subsidiary account. Mc Graw Hill ? 0 18 < Prev 10 of 10 Next tv♫ G Search or type URL Error A
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