The following errors took place in journalizing and posting transactions: a. Insurance of $23,100 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. Dividends of $16,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. a.

The following errors took place in journalizing and posting transactions: a. Insurance of $23,100 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. Dividends of $16,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. a.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 7E: The following errors were made in journalizing transactions. In each case, calculate the amount of...

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If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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Prepare the adjusting entries based on the reconciliation. (Note: The correction of any errors pertaining to recording checks should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivable.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275. 50.) Date Account Titles and Explanation Debit Credit Nov 30 enter an account title to record electronic funds transfer received by bank on November 30 enter a debit amount enter a credit amount enter an account title to record electronic funds transfer received by bank on November 30 enter a debit amount enter a credit amount (To record electronic funds transfer received by bank) Nov 30 enter an account title to record charge for printing company checks on November 30 enter a debit amount…
I need to prepare a corrected trial balance.
Using the allowance method, the entry to record a write-off of accounts receivable will include a. A debit to Bad Debt Expense.b. A debit to Allowance for Uncollectible Accounts. c. No entry because an allowance for uncollectible accounts was established in an earlier period. d. A debit to Service Revenue.
Please help me to solve this problem
On March 1, it was discovered that the following errors took place in journalizing and posting transactions: 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 reverse 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 titles. CNOW journals do not use lines 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 a credit amount is entered.
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.