Time left 1. Zuhoor Muscat Company had recorded a RO 1,500 purchase of Computer Stationary on account as a debit to Rent Expense and a credit to Cash. To correct this error directly (without a reversing entry) will include a: O a. debit to Cash RO 1,500 and credit to Computer Stationary RO 1,500 O b. None of the options are correct O c. debit to Computer Stationary RO 1,500 and credit to Cash RO 1,500 O d. debit to Computer Stationary RO 1,500 and credit to Accounts Payable RO 1,500 O e. debit to Accounts Payable RO 1,500 and credit to Computer Stationary RO 1,500

Time left 1. Zuhoor Muscat Company had recorded a RO 1,500 purchase of Computer Stationary on account as a debit to Rent Expense and a credit to Cash. To correct this error directly (without a reversing entry) will include a: O a. debit to Cash RO 1,500 and credit to Computer Stationary RO 1,500 O b. None of the options are correct O c. debit to Computer Stationary RO 1,500 and credit to Cash RO 1,500 O d. debit to Computer Stationary RO 1,500 and credit to Accounts Payable RO 1,500 O e. debit to Accounts Payable RO 1,500 and credit to Computer Stationary RO 1,500

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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Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.
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Correcting the Trial Balance: Alpha received cash of $300 in advance from a customer that has not yet been earned, but incorrectly recorded it as a credit sale. What corrections, if any, should be made to the trial balance? Debit Column Select] Credit Column (Select]
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AI Kamil Hypermarket accepted a Bank Muscat credit card for a RO 7,500 purchase. Bank Muscat charges a 4% fee. Al Kamil Hypermarket should record Service Charge Expense as a Select one: O a Debit of RO 7,500 O b. None of the answers are correct O c Credit of RO7,200 O d. Credit of RO 300 O e. Debit of RO 300
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1.
Current Attempt in Progress Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Crane Restaurant accepted a Visa card in payment of a $400 lunch bill. The bank charges a 3% fee. What entry should Crane make? (b) Larkspur Company sold its accounts receivable of $64,500. What entry should Larkspur make, given a service charge of 3% on the amount of receivables sold?