College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 4, Problem 11SPA

CORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of the following errors.

1. The following entry was made to record the purchase of $700 in supplies on account:

Chapter 4, Problem 11SPA, CORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of , example  1

2. The following entry was made to record the payment of $450 in wages:

Chapter 4, Problem 11SPA, CORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of , example  2

3. The following entry was made to record a $300 payment to a supplier on account:

Chapter 4, Problem 11SPA, CORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of , example  3

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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
Journalize the entries to correct the following errors: a. A purchase of supplies for $201 on account was recorded and posted as a debit to Supplies for $595 and as a credit to Accounts Receivable for $595. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. b. A receipt of $5,900 from Fees Earned was recorded and posted as a debit to Fees Earned for $5,900 and a credit to Cash for $5,900. If an amount box does not require an entry, leave it blank.
Part B is “Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount does not require a box, leave it blank.”

Chapter 4 Solutions

College Accounting, Chapters 1-27

Ch. 4 - Prob. 1CECh. 4 - Prob. 2CECh. 4 - Prob. 3CECh. 4 - Prob. 4CECh. 4 - Trace the flow of accounting information through...Ch. 4 - Name a source document that provides information...Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Where is the first formal accounting record of a...Ch. 4 - Describe the four steps required to journalize a...Ch. 4 - In what order are the accounts customarily placed...Ch. 4 - Explain the primary advantage of a general ledger...Ch. 4 - Explain the five steps required when posting the...Ch. 4 - Prob. 10RQCh. 4 - Explain why the ledger can still contain errors...Ch. 4 - Prob. 12RQCh. 4 - What is a transposition error?Ch. 4 - What is a correcting entry?Ch. 4 - Prob. 1SEACh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Diane Bernick has opened...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEACh. 4 - FINDING AND CORRECTING ERRORS On May 25, after the...Ch. 4 - SERIES A PROBLEMS JOURNALIZING AND POSTING...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Jim Andrews...Ch. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - Prob. 1SEBCh. 4 - GENERAL JOURNAL ENTRIES For each of the following...Ch. 4 - GENERAL LEDGER ACCOUNTS Set up T accounts for each...Ch. 4 - GENERAL JOURNAL ENTRIES Sengel Moon opened The...Ch. 4 - GENERAL LEDGER ACCOUNTS; TRIAL BALANCE Set up...Ch. 4 - FINANCIAL STATEMENTS From the information in...Ch. 4 - Prob. 7SEBCh. 4 - FINDING AND CORRECTING ERRORS On April 25, after...Ch. 4 - JOURNALIZING AND POSTING TRANSACTIONS Benito...Ch. 4 - Prob. 10SPBCh. 4 - CORRECTING ERRORS Assuming that all entries have...Ch. 4 - MANAGING YOUR WRITING You are a public accountant...Ch. 4 - MASTERY PROBLEM Barry Bird opened the Barry Bird...Ch. 4 - CHALLENGE PROBLEM Journal entries and a trial...
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License