The following errors in recording the transactions for December were discovered in the general journal the...

 

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The following errors in recording the transactions for December were discovered in the general journal the next month after the data had been posted to the ledger. Dec. 2 Discovered that the payment of $1,100 for a newspaper advertisement was recorded as a debit to Advertising Expense and a credit to Accounts Payable. 10 Discovered that a receipt of $1,900 on account from a credit client was recorded as a debit to Cash and a credit to Fees Income. 15 Discovered that a $4,500 cash purchase of Furniture was recorded as a debit to Furniture and a credit to Accounts Payable. 20 Discovered that a $5,400 payment for three months of rent was recorded as a debit to Prepaid Insurance and a credit to Cash. Record the necessary correcting entries. The following errors in recording the transactions for December were discovered in the general journal the next month after the data had been posted to the ledger. Dec. 2 Discovered that the payment of $1,100 for a newspaper advertisement was recorded as a debit to Advertising Expense and a credit to Accounts Payable. 10 Discovered that a receipt of $1,900 on account from a credit client was recorded as a debit to Cash and a credit to Fees Income. 15 Discovered that a $4,500 cash purchase of Furniture was recorded as a debit to Furniture and a credit to Accounts Payable. 20 Discovered that a $5,400 payment for three months of rent was recorded as a debit to Prepaid Insurance and a credit to Cash. Record the necessary correcting entries.

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