The following entry was made to record the purchase of $700 in supplies on account: supplies 142 700 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 Cash 101 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: DATE 521 101 450 200 700 450 200 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT
The following entry was made to record the purchase of $700 in supplies on account: supplies 142 700 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 Cash 101 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: DATE 521 101 450 200 700 450 200 ACCOUNT TITLE DOC. POST. NO. REF. DEBIT CREDIT
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text: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
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