Posting 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 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 ti CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals automatically indent a credit entry when a credit amount is entered.

Posting 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 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 ti CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals automatically indent a credit entry when a credit amount is entered.

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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