Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20- May 23 DATE Cash Correct the error in the general journal using a correcting entry. Page: 1 1 May 25 2 3 Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. 101 401 DEBIT CREDIT 1 3 1,400.00 1,400.00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Finding and Correcting Errors
On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees.
20->
May 23
DATE
I May 25
2
3
Cash
Correct the error in the general Journal using a correcting entry.
Page: 1
Print harm
Service Fees
Received cash for services previously earned
ACCOUNT TITLE
To correct entry of May 23
DOC. POST.
NO. REF.
Check My Work 5 mare Check My Work uses remaining.
101
401
DEBIT CREDIT
1
2
3
1,400.00
1,400.00
All work saved.
Email
Transcribed Image Text:Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20-> May 23 DATE I May 25 2 3 Cash Correct the error in the general Journal using a correcting entry. Page: 1 Print harm Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. Check My Work 5 mare Check My Work uses remaining. 101 401 DEBIT CREDIT 1 2 3 1,400.00 1,400.00 All work saved. Email
Expert Solution
Step 1

Journal entries recording is one of the initial step in whole accounting process. Under this, atleast one account is debited and atleast one account is credited as per rule of debit and credit. 

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education