Journalize correcting entries for each of the following errors. A cash purchase of office equipment for $635 was journalized as a cash purchase of store equipment for $635. (Use the ruling method; assume that the entry has not been posted and the incorrect accounts have been crossed out.) An entry for a $260 payment for office supplies was journalized as $620. (Use the ruling method; assume that the entry has not been posted. Also assume that the $620 amounts in the journal entry have been crossed out.) A $480 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction. Use the one-step approach.) A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $640. (Use the correcting entry method to journalize the correction. Use the one-step approach.) GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- a. Office Equipment Cash Bought office equipment. b. Office Supplies Cash Bought office supplies. (One-Step Approach) c. To correct error in which Equipment was debited instead of Repair Expense. d. To correct error in which a $750 payment was recorded as $640.
Journalize correcting entries for each of the following errors. A cash purchase of office equipment for $635 was journalized as a cash purchase of store equipment for $635. (Use the ruling method; assume that the entry has not been posted and the incorrect accounts have been crossed out.) An entry for a $260 payment for office supplies was journalized as $620. (Use the ruling method; assume that the entry has not been posted. Also assume that the $620 amounts in the journal entry have been crossed out.) A $480 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction. Use the one-step approach.) A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $640. (Use the correcting entry method to journalize the correction. Use the one-step approach.) GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- a. Office Equipment Cash Bought office equipment. b. Office Supplies Cash Bought office supplies. (One-Step Approach) c. To correct error in which Equipment was debited instead of Repair Expense. d. To correct error in which a $750 payment was recorded as $640.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Journalize correcting entries for each of the following errors.
- A cash purchase of office equipment for $635 was journalized as a cash purchase of store equipment for $635. (Use the ruling method; assume that the entry has not been posted and the incorrect accounts have been crossed out.)
- An entry for a $260 payment for office supplies was journalized as $620. (Use the ruling method; assume that the entry has not been posted. Also assume that the $620 amounts in the
journal entry have been crossed out.) - A $480 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction. Use the one-step approach.)
- A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $640. (Use the correcting entry method to journalize the correction. Use the one-step approach.)
GENERAL JOURNAL | PAGE | |||||
---|---|---|---|---|---|---|
DATE | DESCRIPTION | DOC. NO. | POST. REF. | DEBIT | CREDIT | |
20-- | ||||||
a. | Office Equipment | |||||
Cash | ||||||
Bought office equipment. | ||||||
b. | Office Supplies | |||||
Cash | ||||||
Bought office supplies. | ||||||
(One-Step Approach) | ||||||
c. | ||||||
To correct error in which Equipment was debited instead of Repair Expense. | ||||||
d. | ||||||
To correct error in which a $750 payment was recorded as $640. |
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