Homework Help is Here – Start Your Trial Now!
Business
Accounting
GENERAL JOURNAL Description Date 20x1 April 1 Accounts Payable Fees Income Performed services on credit 2 Cash Telephone Expense Paid for March telephone service, Check 1917 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 PAGE 3 Post. Ref. Debit Credit 14,700 600 8,000 900 14,700 600 8,900 (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month)

GENERAL JOURNAL Description Date 20x1 April 1 Accounts Payable Fees Income Performed services on credit 2 Cash Telephone Expense Paid for March telephone service, Check 1917 3 Office Equipment Office Supplies Accounts payable Purchased file cabinet and office supplies, Check 1918 PAGE 3 Post. Ref. Debit Credit 14,700 600 8,000 900 14,700 600 8,900 (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

answer in detail with all work

 

Date 20x1 April 1 Accounts Payable Fees Income Performed services on credit 2 Cash 3 Office Equipment Office Supplies Telephone Expense Paid for March telephone service, Check 1917 GENERAL JOURNAL Description Accounts payable Purchased file cabinet and office supplies, Check 1918 General Journal General Jours! (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month.) Analyze Analyze Required: Examine the above journal entries carefully and prepare the correcting journal entries. Analyze: After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? View transaction list PAGE 3 Post. Ref. Debit Credit 14,700 Complete this question by entering your answers in the tabs below. 600 Journal entry worksheet < 2 8,000 900 14,700 3 600 4 8,900 Examine the above journal entries carefully and prepare the correcting journal entries. > Record the rectification entry for Performing services on credit. Note: Enter debits before credits. Date Apr 30, 20X1 Record entry < Journal entry worksheet 1 General Journal 2 Clear entry Date Apr 30, 20X1 3 Note: Enter debits before credits. 4 Debit Record a reverse of the incorrect journal entry, Check 1917. General Journal Credit View general journal Debit Credit
Transcribed Image Text:Date 20x1 April 1 Accounts Payable Fees Income Performed services on credit 2 Cash 3 Office Equipment Office Supplies Telephone Expense Paid for March telephone service, Check 1917 GENERAL JOURNAL Description Accounts payable Purchased file cabinet and office supplies, Check 1918 General Journal General Jours! (Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely in cash, not on credit. Assume the errors are found and corrected on the last day of the month.) Analyze Analyze Required: Examine the above journal entries carefully and prepare the correcting journal entries. Analyze: After the correcting journal entries have been posted, what effect do the correcting entries have on the company's reported assets? View transaction list PAGE 3 Post. Ref. Debit Credit 14,700 Complete this question by entering your answers in the tabs below. 600 Journal entry worksheet < 2 8,000 900 14,700 3 600 4 8,900 Examine the above journal entries carefully and prepare the correcting journal entries. > Record the rectification entry for Performing services on credit. Note: Enter debits before credits. Date Apr 30, 20X1 Record entry < Journal entry worksheet 1 General Journal 2 Clear entry Date Apr 30, 20X1 3 Note: Enter debits before credits. 4 Debit Record a reverse of the incorrect journal entry, Check 1917. General Journal Credit View general journal Debit Credit
Journal entry worksheet < < 1 Record the correct journal entry for payment made for March telephone service, Check 1917. Note: Enter debits before credits. Date Apr 30, 20X1 2 Record entry Journal entry worksheet 1 2 Date Apr 30, 20X1 3 General Journal Note: Enter debits before credits. 4 Clear entry Record the rectification entry for purchasing file cabinet and office supplies, check 1918. Debit General Journal Debit Credit View general journal Credit Record entry View transaction list Examine the above journal entries carefully and prepare the correcting journal entries. No Clear entry Date View journal entry worksheet General Journal View general journal General Journal Analyze > Debit Credit Ⓒ
Transcribed Image Text:Journal entry worksheet < < 1 Record the correct journal entry for payment made for March telephone service, Check 1917. Note: Enter debits before credits. Date Apr 30, 20X1 2 Record entry Journal entry worksheet 1 2 Date Apr 30, 20X1 3 General Journal Note: Enter debits before credits. 4 Clear entry Record the rectification entry for purchasing file cabinet and office supplies, check 1918. Debit General Journal Debit Credit View general journal Credit Record entry View transaction list Examine the above journal entries carefully and prepare the correcting journal entries. No Clear entry Date View journal entry worksheet General Journal View general journal General Journal Analyze > Debit Credit Ⓒ
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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
SEE MORE TEXTBOOKS