Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and credited Accounts Payable for a P29,000 purchase of office equipment on account. b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for P9,000. This adjusting entry should have debited Rent Expense and credited repaid Rent for P9,000. c. Debited Salary Expense and credited Cash to accrue salary expense of P9,000. d. Recorded the earning of P32,000 service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue. e. Accrued interest revenue of P8,000 by a debit to Accounts Receivable and a credit to Interest Revenue. f. Recorded a P6,000 cash purchase of supplies by debiting Supplies and crediting Accounts Payable.
Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and credited Accounts Payable for a P29,000 purchase of office equipment on account. b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for P9,000. This adjusting entry should have debited Rent Expense and credited repaid Rent for P9,000. c. Debited Salary Expense and credited Cash to accrue salary expense of P9,000. d. Recorded the earning of P32,000 service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue. e. Accrued interest revenue of P8,000 by a debit to Accounts Receivable and a credit to Interest Revenue. f. Recorded a P6,000 cash purchase of supplies by debiting Supplies and crediting Accounts Payable.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 8E: Journalize correcting entries for each of the following errors and include a brief explanation. a. A...
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