On August 22, 20X1, an employee of Bell Company mistakenly debited the Truck Expense account rather than the Repair Expense account when recording a bill of $780 for repairs The error was discovered on October 1. Pre journal entry to correct the error. View transaction list Journal entry worksheet 1 Record the entry to correct the August 22 error.

On August 22, 20X1, an employee of Bell Company mistakenly debited the Truck Expense account rather than the Repair Expense account when recording a bill of $780 for repairs The error was discovered on October 1. Pre journal entry to correct the error. View transaction list Journal entry worksheet 1 Record the entry to correct the August 22 error.

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 show correction of errors
Journal entry
On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Prepare the entries for transaction below and indicate what journal it is 22 august received a debit memo from ultracity co. For an error that overstated the total invoice by $200
On February 13, Scanlon Co. paid $1,530 to repair the transmission on one of its delivery vans. In addition, Scanlon paid $45 to install a GPS system in its van. Question Content Area Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit February 13 Question Content Area Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank. DateAccount Debit Credit February 13
Also answer the Analysis please
1. The following entry was made to record the purchase of $700 in supplies on account: 142 Supplies Cash 101 2. The following entry was made to record the payment of $450 in wages: Rent Expense Cash 3. The following entry was made to record a $400 payment to a supplier on account: Supplies 142 200 Cash 101 1 2 3 4 2 5 DATE 6 7 3. 8 Required: Assuming that all entries have been posted, prepare correcting entries for each of the errors. If an amount box does not require an entry, leave it blank. Page: 9 521 101 10 700 450 700 450 200 ACCOUNT TITLE To correct error in which a purchase of supplies on account was credited to Cash To correct error in which a payment of wages was debited to Rent Expense To correct error in which a $400 payment on account was recorded as a $200 cash purchase of supplies DOC. POST. NO. REF. DEBIT CREDIT 1 IN M+S 6 7 8 9 10
On March 1, it was discovered that the following errors took place in journalizing and posting trarkactions: a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered
The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be: Dr. Service Revenue 4,000 Cr. Cash Cr. Accounts Receivable 3,600 400 4,000 Cr. Accounts Receivable Dr. Service Revenue 4,000 Dr. Service Revenue 400 3,600 Cr. Accounts Receivable Dr. Cash 4,000 Dr. Cash 400 Cr. Accounts Receivable 400 Dr. Accounts Receivable Dr. Cash 400 3,600 Cr. Service Revenue 4,000
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…
Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 АВС Веauty 19,000 19,000 Angel Wigs 7,100 7,100 Zodiac Beauty 3,500 3,500 Subtotals 1,316,900 752,700 299,000 128,300 39,800 16,400 80,700 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty Aug. 17 $5,300 Creative Images Oct. 30 4,700 Excel Hair Products July 3 8,500 First Class Hair Care Sept. 8 6,700 Golden Images Nov. 23 3,300 Ob That Eair Nov 2O
Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.