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
Related questions
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. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education