Question: Please explain what happened In year 1, Fox Corp. failed to record an entry to record a sale on account. In year 2, Fox recorded

Please explain what happened In year 1, Fox Corp. failed to

Please explain what happened

In year 1, Fox Corp. failed to record an entry to record a sale on account. In year 2, Fox recorded the entry as a debit to accounts receivable and a credit to sales revenue. The entry in year 2 to correct this entry would include which of the following? (Select all that apply.) Read about this Your answer is partially correct Credit sales revenue. Debit retained earnings. Credit retained earnings. Also correct Debit sales revenue. Challenge OK

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

student number is 447 After reviewing your notes from the Financial Accounting course, which you both took (and loved), you decided that the best way to form a business would be to set up a...

Need some help answering this. News Marigold Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the...

1. (Points: 1) With respect to a corporation, select the statement that is correct. a. Its organization requires an approved charter which is governed by state law. b. Ownership rights to the...

At the year end, an analysis by the city?s finance department determined the following constraints on resources in the general fund. Prepare the appropriate journal entry in the general fund to...

please I need this completed asap. If you need the username and password to log-in let me know \fInstructions City of Bingham Computerized Cumulative Problem For use with McGraw-Hill/Irwin Accounting...

I need Chapter 5 and Chapter 6 solutions to the "City of Bingham" continuous accounting problem from the 16e "Accounting for governmental & nonprofit entities" book. Instructions are posted...

Part 2 Exercise 3-9A on page 178 Exercise 3-9A Recording receivables and identifying their effect on financial , billing statements Davos Company performed services on account for $160,000 in 2016....

Need help with this problem. News Marigold Company's trial balance at December 31, 2019, is presented below. All 2019 transactions have been recorded except for the items described following the...

1. (Points: 1) Managerial accounting: 2. (TCO F) The Colorado Company manufactures a product that goes through three processing departments. Information relating to activity in the first department...

Question 1 Not yet answered Marked out of 1.00 Question text If a company purchases equipment for $70,000 and pays in cash: Select one: a. Total assets will increase by $70,000. b. Total assets will...

Cameron and his friend John bought a used circus carousel for $40,988, including sales tax. If the sales tax rate is 5%, then what was the cost of the carousel before the tax?

The manager, Jenny provided you with the information of the expected availability of resources (e.g. funds, workers, supplies, approval of permits) for the jobs of another similar project to Problem...

4 How does the writer use figurative language in this and complete part of the story? Copy the table language to identify the figurative and explain its effect. meaning and

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

3 Rather than dressing it up as marketing experience, might there be an honest way to use your restaurant experience to your advantage here?

5. Your father asks if youll be coming home for the holidays this year. A. I have a life, you know. B. Ill do the best I can. C. I can visit for three days, December 27 to 29.

B Will you follow your friends suggestion to use vague expressions like team player? In what ways might you use more precise terms to describe yourself?