Answered: Invoice 209 for R4270 made out to B…

Invoice 209 for R4270 made out to B Baker was entered into the account of Baker in error. Question : Prepare the general journal entry required to correct the mistake noted

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Question five: Rectify the following errors: 1. Other income received of Tshs880,000 was correctly…

A: When some errors has been occurred in books of accounts , then it should be rectified by passing…

Q: Each of the following journal entries writing off an uncollectible account would be used in one of…

A: Company records the bad debt expense in respect of accounts receivable which are not expected to be…

Q: Entries to Correct Errors The following errors took place in journalizing and posting transactions:…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: On January 1, Whispering Corporation issues a $140,000, 10-year non-interest-bearing note to Camden…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: If Metlock Company uses the allowance method to account for uncollectible accounts, journalize the…

A: Under the allowance method company makes provisions for uncollectible accounts at the end of the…

Q: Under the direct write-off method, uncollectible accounts are recorded: Multiple Choice O Never. in…

A: The direct write-off method is one of the methods to recognize bad debt expenses. This methods…

Q: 9. 10. 11. 12. 13. 14. Paid the utility bill for the month, $1,800. Paid Daily Herald the amount due…

A: Lets understand the basics.There are various steps after which statement of financial position gets…

Q: A customer of Mutare paid for merchandise originally purchased on account with a check thathas been…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: 33-Ms. Ameena is an Account Assistant of a Merchandise business in Oman. The business paid rent…

Q: Allowance Method Journalize the following transactions, using the allowance method of accounting for…

A: Collection Cash a/c dr. $2040 William pruitt a/c credit $2040 Write off william pruitt a/c Allowance…

Q: Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Using the data above,…

A: ACCOUNT RECEIVABLE Account Receivable are always shown under the Current Assets in the Balance…

Q: For the following statements identify the assertion related to the risk of material misstatement.…

A: Assertion or audit assertions refers to the claim /representation made by the management which is…

Q: Choose the term that is associated with estimating the uncollectible accounts balance existing in…

A: There is always some default risk associated with extending credit to the customers. When the…

Q: Ms. Ameena is an Account Assistant of a Merchandise business in Oman. The business paid rent expense…

Q: View Policies Show Attempt History Current Attempt in Progress Cullumber Corporation sold Sugar…

A: Journal entry is used to record the financial transactions in the book of accounts in two different…

Q: N/R journal entries affecting the T-accounts for the allowance for doubtful accounts. Thank you for…

A: Date Description Amount Amount 01 Mar Z and Co. A/C .dr…

Q: Book Reconciliation: what is the adjusting entry of this book error: The company recorded a P374…

A: Adjusting entry is prepared to record the required adjustment in the account balance and it is…

Q: Answer the following questions about recording uncollectible Accounts Receivable (A/R): a) Describe…

A: Businesses typically use one of two methods to account for unrecoverable debt: the allowance method…

Q: $2.2 Show the journal entries necessary to correct the following errors: a) A sale of goods £412 to…

A: Various errors can take place while doing accounting work. These errors may be errors of principle,…

Q: Journalize the following transactions, using the allowance method of accounting for uncollectible…

A: Accounts receivables represents the money that the business is yet to receive from its customers.

Q: 32.2 Show the journal entries necessary to correct the following errors: (a) A sale of goods £412 to…

A: A journal entry is used to record a business arrangement in an organization's accounting records. A…

Q: G. Transposistion Error. Mr. Schruba paid P 545,000 to Inktech for its accounts payable due. At Dec.…

A: Transposition error are those errors under which the sequence of digits are exchanged mistakenly.…

Q: issued cheque no 4026 for 5400 to this supplier for the invoice at the time of purchase

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable…

A: The answer is: Debit Bad debts expense $61,000 Credit Accounts Receivables $61,000

Q: When the trial balance extracted from the books of Keman Enterprises at the year-end failed to…

A: The Purchase Account has a debit Balance generally and so in the Trial Balance its shown in the…

Q: Account 2.0 A sale of $151 to Mr. A had been posted correctly to the personal account but entered in…

A: The journal entries are prepared to record the transactions on regular basis. The suspense account…

Q: Solstice Company determines on October 1 that it cannot collect $58,000 of its accounts receivable…

A: Direct Write off Method: In this method accounts receivable are directly write off without routing…

Q: As at 31 July 20.7, compare the account of GH Entity, as it appears in the records of AC Entity,…

A: Given in the question: In the books of AC Entity Balance as on July 25 of GH Payable is 290,700 In…

Q: Which of the following is an example of Error of Complete Omission? a. Salary of RO 200 was entered…

A: Error of Complete Omission

Q: I. When the check has been encashed II. When through the fault of the creditor the check has been…

A: A cheque is an instrument or document that orders the bank to pay the specific amount mentioned in…

Q: 21. The A/R subledger is updated in each of the following situations EXCEPT when we: a. Record a…

A: A/R sub ledger means accounts receivable sub ledger which includes the details of those customers…

Q: For the journal entry for Dec.31 no transaction recorded is not correct. Please advise as to what…

A: On 31st December Eco corporation received dividend from Investment in VAN company @$2.5 per shares.…

Q: Name the error which was made under the following circumstances:

A: The error of omission is a type of error that takes the account of results caused due inactions or…

Q: Following are some accounting errors: (the followings are two side errors) 1. Sales for R.O 20,000…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: None

A: under the direct wriite-off method,baddebt is recorded directly when deemed uncollectible ,impacting…

Q: Required: Prepare any journal entries that are necessary on La Fondue's books to record required for…

A: Loss on Purchase Commitment

Q: 23-Which of the following is an example of Error of Complete Omission? a. Salary of RO 200 was…

A: Meaning of Error of Complete Omission :- When some transactions are completely omitted from the…

Q: Define the followings? 1.) Rubber cheque. 2.) Blank endorsement. 3.) Transposition error.

A: Rubber cheque: Rubber cheque is a cheque which does not have enough money to be cashed. It is also…

Q: Pronghorn Group has negotiated the purchase of a new piece of automatic equipment at a price of…

A: Journal entry records the accounting transactions of a business in a journal book. All the business…

Q: What is the appropriate name of the error which was made under the following circumstances: A…

A: Ledger is the secondary book where transactions are being transferred from the journal. It contains…

Question

Invoice 209 for R4270 made out to B Baker was entered into the account of Baker in error.

Question :

Prepare the general journal entry required to correct the mistake noted

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction to Journal Entry

VIEW

Step 2: Journal Entry

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Allowance Method versus Direct Write-Off Method On March 10, May, Inc., declared a $2,500 account receivable from Anders Company as uncollectible and wrote off the account. On November 18, May received a $800 payment on the account from Anders. Assume that May uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that May uses the direct write-off method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Anders’s account. Assume that the payment from Anders arrives on the following February 5, rather than on November 18 of the current year. (1) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the allowance method. (2) Prepare the journal entries to record the write-off and subsequent recovery of Anders’s account under the direct write-off method. a. General…
Sweet Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $91,000 Contribution to the plan 106,400 Prior service cost amortization 10,800 Actual and expected return on plan assets 65,200 Benefits paid 40,500 Plan assets at January 1, 2020 633,900 Projected benefit obligation at January 1, 2020 701,600 Accumulated OCI (PSC) at January 1, 2020 149,900 Interest/discount (settlement) rate 9 %
PLEASE DO NOT PROVIDE HAND WRITTEN ANSWER
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,730 from William Pruitt and wrote off the remainder owed of $5,650 as uncollectible. If an amount box does not reguire an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of William Pruitt and received $5,650 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,710 from Shawn McNeely and wrote off the remainder owed of $3,630 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Shawn McNeely and received $3,630 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 July 29
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
Saved Help Save In 2021, the internal auditors of Blooper Inc. discovered that goods costing $12 million that were shipped f.o.b. shipping point in December of 2020 were in transit on December 31. The goods were recorded as a purchase in December of 2020 but were not included in the 2020 year-end inventory. Prepare the journal entry needed in 2021 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the necessary entry to correct the error. Note: Enter debits before credits. Transaction General Journal Debit Credit
Please don't provide answer in image format thank you.
Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
FOR YOU AND THE CLASS: What is the journal entry to record Bad debts expense under the allowance method. In other words ....what account would be debited and what account would be credited? Reply
H6. Question 15 During an audit, you are selecting a sample of transactions from the vouchers payable register at the end of the period and tracing them to underlying documents. By doing this, you are gathering evidence primarily to support that: Incurred obligations were recorded in the correct period Recorded obligations were paid Recorded obligations occurred prior to year-end 1 pts Cash disbursements were recorded as incurred obligation Please show all step by step calculation