Question 2the bookkeeper had made errors in recording severaltransactions. The erroneous transactions are as follows:When accruing interest on a note payable, thebookkeeper debited Interest Receivable for $300 andcredited Interest Payable for $300.(a)A check for $800previously purchased on account. The bookkeeperdebited Accounts Receivable and credited Cash for(b)was issued for goods$800.A check for $180 was received as payment on(c)account. The bookkeeper debited Accounts Payablefor $810 and credited Accounts Receivable for $810.(d)When making the entry to record the year'sdepreciation expense,Accumulated Depreciation-Equipment for $1,500and credited Cash for $1,500.the bookkeeper debitedInstructionsPrepare the appropriate correcting entries. (Do notreverse the original entries.)

Journal entry is a process of recording business transactions in the books of accounts for the first…

Question 2 the bookkeeper had made errors in recording several transactions. The erroneous transactions are as follows: When accruing interest on a note payable, the bookkeeper debited Interest Receivable for $300 and credited Interest Payable for $300. (a) A check for $800 was issued for goods (b) previously purchased on account. The bookkeeper debited Accounts Receivable and credited Cash for $800. A check for $180 was received as payment on (c) account. The bookkeeper debited Accounts Payable for $810 and credited Accounts Receivable for $810. When making the entry to record the year's depreciation expense, the bookkeeper debited Accumulated Depreciation–Equipment for $1,500 and credited Cash for $1,500. (d) Instructions Prepare the appropriate correcting entries. (Do not reverse the original entries.)

Question 2 the bookkeeper had made errors in recording several transactions. The erroneous transactions are as follows: When accruing interest on a note payable, the bookkeeper debited Interest Receivable for $300 and credited Interest Payable for $300. (a) A check for $800 was issued for goods (b) previously purchased on account. The bookkeeper debited Accounts Receivable and credited Cash for $800. A check for $180 was received as payment on (c) account. The bookkeeper debited Accounts Payable for $810 and credited Accounts Receivable for $810. When making the entry to record the year's depreciation expense, the bookkeeper debited Accumulated Depreciation–Equipment for $1,500 and credited Cash for $1,500. (d) Instructions Prepare the appropriate correcting entries. (Do not reverse the original entries.)

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

In a bank reconciliation, to adjust for an incorrect deposit of $1,000 from another company in your account requires: O reducing the bank balance by the amount of the deposit O increasing the bank balance by the amount of the deposit O reducing the book balance by the amount of the deposit O increasing the book balance by the amount of the deposit
A check returned by a bank because the issuer’s cash account balance could not cover the check is called a(n) A. canceled check. B. certified check. C. NSF check. D. outstanding check.
In the reconciliation of the June bank statement, a deposit made on June 30 did not appear on the June bank statement. How is this deposit in transit shown on the bank reconciliation? Multiple Choice O O Added to the unadjusted bank balance. Subtracted from the unadjusted bank balance. Added to the unadjusted book balance. Subtracted from the unadjusted book balance.
A-7
pvn.2
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Subject: accounting
If a check correctly written and paid by the bank for $512 is incorrectly recorded in the company's books for $443, how should this error be treated on the bank reconciliation?
I need help
A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609