Assuming that all entries have been posted, prepare correcting entries for each of the following errors. 1.
Question:
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 $500 in supplies on account:
Supplies 142 500
Cash 101 500
2. The following entry was made to record the payment of $300 in wages:
Rent Expense 521 300
Cash 101 300
3. The following entry was made to record a $200 payment to a supplier on account:
Supplies 142 100
Cash 101 100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
GENERAL JOURNAL date description POST ref debit cre...View the full answer
Answered By
ZIPPORAH KISIO LUNGI
I have worked on several other sites for more than five years, and I always handle clients work with due diligence and professionalism. Am versed with adequate experience in the fields mentioned above in which have delivered quality papers in research, thesis, essays, blog articles, and so forth.
I have gained extensive experience in assisting students to acquire top grades in biological, business and IT papers. Notwithstanding that, I have 7+ years of experience in corporate world software design and development.
5.00+
194+ Reviews
341+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
For each of the following errors identify an audit procedure the auditor could have used to detect it. a. The allowance for doubtful accounts estimated by management is too small. b. Cash in payment...
-
Journalize correcting entries for each of the following errors and include a brief explanation. a. A cash purchase of office equipment for $ 680 was journalized as a cash purchase of store equipment...
-
Prepare flowcharting segments for each of the following operations: A. Processing transactions stored on magnetic tape to update a master file stored on magnetic tape. B. Processing transactions...
-
machine element is made of an alloy with Yield strength of 200 Mpa and fracture strain is 0.08. A machine element is characterized by the normal stress components as shown in the figure. The Answer...
-
Journalize the following long-term non-strategic investment transactions of Solomon Brothers Department Stores assuming the company reports changes in fair value through net income: a. Purchased 400...
-
The wear resistance of a steel shaft is to be improved by hardening its surface by increasing the nitrogen content within an outer surface layer as a result of nitrogen diffusion into the steel; the...
-
The number of units to be sold to reach a certain target profit is calculated as a. target profit unit contribution margin b. target profit contribution margin ratio c. (fixed expenses + target...
-
Hamilton Stage Supplies is a manufacturer of a specialized type of light used in theaters. Information on the first three years of business is as follows: Required a. Calculate profit and the value...
-
16. Let a1, a2, 17. a <0 is: (a) 22 be in H.P. with a = 5 and a20 = 25. The least positive integer n for which " (b) 23 Sum of the series rlog. r=1 (c) 24 (d) 25 r+1 + is: r
-
In each of the cases below, assume that Division X has a product that can be sold either to outside customers or to Division Y of the same company for use in its production process. The managers of...
-
Jim Andrews opened a delivery business in March. He rented a small office and has a part-time assistant. His trial balance shows accounts for the first three months of business. Andrews' transactions...
-
What type of information is found on each of the following source documents? 1. Cash register tape 2. Sales ticket (issued to customer) 3. Purchase invoice (received from supplier or vendor) 4. Check...
-
Find an example of a company whose horizontal or vertical integration strategy appears to have dissipated rather than created value. Identify why this has been the case and what the company should do...
-
In the Lucy case, the defendant argued: The plaintiff was too intoxicated to contract He was joking and lacked the intent to contract There was no evidence of a contract The contract was burdensome
-
y 4 ft 12 ft 20 ft A 20-foot conical tank, with radius of 4 feet, has sand in it weighing 100 lb/ft3. Before the sand is pumped, it reaches a height of 12 feet in the tank. Which is an expression for...
-
Evaluate. | (6x-3x+2) dx 8x (6x - 8x + 2) dx = (Type an exact answer)
-
Problem 1.91: A thin rod of length L and uniform charge per unit length lies along the x-axis and is symmetrically placed about the origin. (a) Show that the field along the y-axis is in the y...
-
Why are individual differences and diversity important? What are values, and how do they vary across cultures?
-
Trying to covertly influence others, offering only selective information, and structuring events in favour of the desired change is a way of dealing with resistance by _________. (a) participation...
-
Which internal control principle is especially diffi cult for small organizations to implement? Why?
-
How can a market-neutral long-short portfolio be modified to benefit from the returns available from the overall market?
-
Refer to Exercise 7B-3 and assume that the state changed Aims SUTA tax rate to 3.5%. What effect would this change have on the total payroll tax expense? In Exercise7B-3. Employee 0. Barns 0. Hienze...
-
Refer to Exercise 7B-3. If D. Toll earned $3,000 for the week instead of $320, what effect would this change have on the total payroll tax expense? In Exercise7B-3. Employee 0. Barns 0. Hienze D....
-
Refer to Exercise 7B-3. If D. Toll earned $3,000 for the week instead of $320, what effect would this change have on the total payroll tax expense? In Exercise7B-3. Employee 0. Barns 0. Hienze D....
-
A taxpayer pays for two people to work for him on a contract basis during the year. The first only works for a few days and is paid a total of $200. The second works for a few months and makes...
-
Dennis buys a house in 1973 and finances it with a mortgage that carries an annual interest rate of 7 per cent. Inflation in 1973 is 3 per cent, inflation in 1974 is 4 per cent, and inflation in 1975...
-
1. Consider the continuous function x+10 if x 0 f(x)=x if 0 5 a) Write an R function which takes a single argument x. The function should return the vector of values of the function f(x) evaluated at...
Study smarter with the SolutionInn App