Question: Journalize the entries to correct the errors. Omit explanations. The following errors took place in journalizing and posting transactions: a. The purchase of supplies of

Journalize the entries to correct the errors. Omit explanations.
The following errors took place in journalizing and posting transactions:
a. The purchase of supplies of $2,690 on account was recorded as a debit to Office Equipment and a credit to Supplies.
b. The receipt of $3,750 for services rendered was recorded as a debit to and a credit to Fees Earned.
Journalize the entries to correct the errors. Omit explanations.

Step by Step Solution

★★★★★

3.36 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Supplies 2690 Office Equipment 2690 Supplies 2690 Accounts Payable 2690 The first entry in a reve... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

142-B-C-A-T-A (211).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

The following errors took place in journalizing and posting transactions: a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to...

The following errors took place in journalizing and posting transactions: a. A $940 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. b. Cash...

The following errors took place in journalizing and posting transactions: a. Cash of $3,750 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,500 purchase of...

inprogress false * eBook Entries to Correct Errors Show Me How The following errors took place in journalizing and posting transactions: a. Cash of $4,020 received on account was recorded as a debit...

=+b. A $1,500 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Journalize the entries to correct the errors. Omit explanations. The...

Ezzy Inc. has a new accountant named Turg Ferguson. Aller a hectic first week on the job, the Controller noted that Turg had made some errors in journaling accounting transactions. Assume that the...

The following errors took place in journalizing and posting transactions: a. Dividends of $\$ 20,000$ were recorded as a debit to Wages Expense and a credit to Cash. b. Rent of $\$ 3,600$ paid...

Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for...

Chapter 2 Analyzing Transactions HOW EX 2-7, Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Obj. 2 Office Equipment, Accounts...

The following are Amena Consulting June 2007 transactions: June 1 Amena Ali, owner, invested $13,325 cash into the business June 2 Purchased office supplies for $475 cash June 5 Purchased $6,235 of...

The following items were selected from among the transactions completed by Aston Martin Inc. during the current year: Apr. 15. Borrowed $225,000 from Audi Company, issuing a 30-day, 6% note for that...

Use the Internet to find a current news article that relates to a transportation management strategy companies have used to effectively and efficiently manage the transportation component within...

sadik incs bonds currently sell for $ 1 , 3 3 0 and have a par value of 1 0 0 0 . They pay a $ 1 0 5 annual coupon and have a 1 5 - year maturity, but they can be called in 5 years at $ 1 , 1 0 0 ....

11.3 Use the data on Y = long-term interest rates and X = short term-interest rates in INTERESTRATES.XLS. Assume (perhaps incorrectly in light of Exercise 10.4) that Y and X are cointegrated. Test...

please quick Question 4 10 pts You are evaluating a potential investment in equipment. The equipment's basic price is $138,000, and shipping costs will be $4,100. It will cost another $20,700 to...

A 2% coupon, 10-year maturity TIPS is issued on July 15, 2020 for 100, its par value. If the CPI increases by 22% over the 10-year life of the bond, then the investor will receive a final coupon of...

show work if possible Consider the following table, which gives a security analyst's expected return on two stocks and the market Index in two scenarios: Defensive Aggressive Stock Scenario...