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.

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

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

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

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