InstructionsOn July 15, it was discovered that the following errors took place in journalizing and posting transactions:a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.b. The purchase of supplies of $2,600 on account was recorded as a debit to Office Equipment and a credit to Supplies.Journalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrectentry 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 uselines 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 acredit amount is entered.hpESMar 184:13 Journalournalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrect entrsecond 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 eEvery 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.123DATEJul 15ODESCRIPTIONMhpJOURNALPOST. REF.DEBITCREDITESACCOUNTING FOLLAASSETSMar 18LIABILITIES4:13

Errors in the initial journal entries that were entered into the accounting system can be fixed by…

On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. b. The purchase of supplies of $2,600 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the entry and a second entry to record the correct entry) Refer to the

On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. b. The purchase of supplies of $2,600 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries on July 15 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the entry and a second entry to record the correct entry) Refer to the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At Sandhill Company, the following errors were discovered after the transactions had been journalized and posted. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 1. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,180 and a credit to Accounts Payable $1,180. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2.
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An examination of the accounts of Novak Company for the month of June revealed the following errors after the transactions were journalized and posted. 1. A check for $958 from S. Wilde, a customer on account, was debited to Cash $958 and credited to Service Revenue, $958. 2. 3. A payment for Advertising Expense costing $729 was debited to Utilities Expense, $279 and credited to Cash $279. A bill for $958 for Supplies purchased on account was debited to Equipment, $598 and credited to Accounts Payable $598. Prepare correcting entries for each of the above assuming the erroneous entries are not reversed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1. Accounts Receivable Service Revenue 2. Accounts Payable 3. Debit 958 729 Credit 958 279 279 Utilities Expense Cash Accounts Receivable Equipment Accounts Payable eTextbook and Media 958 598 279 598
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