Question Seven: (9 Points) An examination of the accounts of Shaw Company for the month of...
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Question Seven: (9 Points) An examination of the accounts of Shaw Company for the month of June revealed the following errors after the transactions were journalized and posted 1. A check for $750 from R. Linton, a customer on account, was debited to Cash $750 and credited to Service Revenue, $750 2. A payment for Advertising Expense costing $420 was debited to Utilities Expense, $240 and credited to Cash $240. 3. A bill for $840 for Office Supplies purchased on account was debited to Office Equipment, $480 and credited to Accounts Payable $480. Instructions Prepare correcting entries for each of the above assuming the erroneous entries are not reversed. Question Seven: (9 Points) An examination of the accounts of Shaw Company for the month of June revealed the following errors after the transactions were journalized and posted 1. A check for $750 from R. Linton, a customer on account, was debited to Cash $750 and credited to Service Revenue, $750 2. A payment for Advertising Expense costing $420 was debited to Utilities Expense, $240 and credited to Cash $240. 3. A bill for $840 for Office Supplies purchased on account was debited to Office Equipment, $480 and credited to Accounts Payable $480. Instructions Prepare correcting entries for each of the above assuming the erroneous entries are not reversed.
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Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-1259692406
18th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
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