Quality Services Inc. made the following accounting errors during a recent month. Requirement: Prepare the necessary adjusting
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Question:
Quality Services Inc. made the following accounting errors during a recent month.
Requirement:
Prepare the necessary adjusting journal entries to correct these errors.
1. The company recorded a $450 purchase of supplies on account by debiting Supplies and crediting Accounts payable for $540.
2. In journalizing a receipt of cash for service revenue, cash was debited for $120 instead of the correct amount of $1200. The credit was correct.
3. In recording an $800 payment on account, Accounts receivable was credited instead of cash.
4. A $600 salary expense was posted $6000. The credit to accounts payable was correct.
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