The following errors were found in the books of Rosco Consulting during the month: 1. Consultancy Service provided to Briggs Safety on account for $1500 had been omitted completely from the books. 2. A purchase of supplies for $10o00 was entered in the cash account but omitted from the supplies account 3. Motor Vehicle purchased for $129,000 cash was entered in the books as $1290. 4. Drawings of $1000 were recorded as $100. 5. A gas bill for $500 was entered in the motor vehicle account Required: i. Record the journal entries necessary to correct each of the errors. Narrations are not required ii. State the type of error made for (i), (ii) & (v)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
The following errors were found in the books of Rosco
Consulting during the month:
1. Consultancy Service provided to Briggs Safety on
account for $1500 had been omitted completely from
the books.
2. A purchase of supplies for $10o00 was entered in the
cash account but omitted from the supplies account
3. Motor Vehicle purchased for $129,000 cash was entered
in the books as $1290.
4. Drawings of $1000 were recorded as $100.
5. A gas bill for $500 was entered in the motor vehicle
account
Required:
i. Record the journal entries necessary to correct each of
the errors. Narrations are not required
ii. State the type of error made for (i), (ii) & (v)
Transcribed Image Text:The following errors were found in the books of Rosco Consulting during the month: 1. Consultancy Service provided to Briggs Safety on account for $1500 had been omitted completely from the books. 2. A purchase of supplies for $10o00 was entered in the cash account but omitted from the supplies account 3. Motor Vehicle purchased for $129,000 cash was entered in the books as $1290. 4. Drawings of $1000 were recorded as $100. 5. A gas bill for $500 was entered in the motor vehicle account Required: i. Record the journal entries necessary to correct each of the errors. Narrations are not required ii. State the type of error made for (i), (ii) & (v)
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education