answer in detail with all work Date20x1April 1 Accounts PayableFees IncomePerformed services on credit2 Cash3 Office EquipmentOffice SuppliesTelephone ExpensePaid for March telephone service,Check 1917GENERAL JOURNALDescriptionAccounts payablePurchased file cabinet and officesupplies, Check 1918GeneralJournalGeneralJours!(Assume that Office Equipment and Office Supplies were recorded at the correct values. However, the items were paid for entirely incash, not on credit. Assume the errors are found and corrected on the last day of the month.)AnalyzeAnalyzeRequired: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 listPAGE 3Post.Ref. Debit Credit14,700Complete this question by entering your answers in the tabs below.600Journal entry worksheet<28,00090014,700360048,900Examine 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.DateApr 30, 20X1Record entry<Journal entry worksheet1General Journal2Clear entryDateApr 30, 20X13Note: Enter debits before credits.4DebitRecord a reverse of the incorrect journal entry, Check 1917.General JournalCreditView general journalDebitCredit Journal entry worksheet<< 1Record the correct journal entry for payment made for March telephoneservice, Check 1917.Note: Enter debits before credits.DateApr 30, 20X12Record entryJournal entry worksheet12DateApr 30, 20X13General JournalNote: Enter debits before credits.4Clear entryRecord the rectification entry for purchasing file cabinet and office supplies,check 1918.DebitGeneral JournalDebitCreditView general journalCreditRecord entryView transaction listExamine the above journal entries carefully and prepare the correcting journal entries.NoClear entryDateView journal entry worksheetGeneral JournalView general journalGeneral JournalAnalyze >DebitCreditⒸ

The journal entries are prepared to record the transactions on regular basis. The correcting entries…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PLEASE EXPLAIN EACH POINT STEP BY STEP
Requirement Show your working
Define the term understand ability.
All informtion of recievable analysis and example
list and define the enhancing qualities of useful information
What are support events?
explain the importance of developing a baselinebudget for a project.
When doing activities using an ABC system, what sequence is recommended?