Prepare a single journal entry, with explanation, for each of the following transactions to correct the error
Fantastic news! We've Found the answer you've been seeking!
Question:
Prepare a single journal entry, with explanation, for each of the following transactions to correct the error made:
- Debited office furniture and credited accounts payable regarding a $ 6,000 purchase of computer equipment on account.
- Accrued a $ 12,000 bonus by debiting salary expense and crediting accounts payable.
- Adjusted prepaid advertising by debiting prepaid advertising and crediting advertising expense for $ 3,000. This adjusting journal entry should have debited advertising expense and credited prepaid advertising for $ 3,000.
- Debited accounts receivable and credited revenue $ 5,000 for work not yet performed.
- Debited amortization expense and credited computer equipment $ 4,000 when recording the amortization expense.
- Prepare two journal entries, with explanation, for each of the above transactions to correct the error made.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date: