Question: Use General Journal PRACTICE EXERCISE 4 The transactions shown in Figure 4.8 were recorded in the General Journal by an inexperienced bookkeeper. The explanations are

Use General Journal

PRACTICE EXERCISE 4 The transactions shown in Figure 4.8 were recorded in the General Journal by an inexperienced bookkeeper. The explanations are correct, but the journal entries contain errors. Record the General Journal entries necessary to correct these errors using the reversing-entry method. Use the original date for each correction. Figure 4.8 Journal Entries with Errors Jun. 4 Utilities Expense 1 5 6 80 1 5 6 80 Cash To record payment of gas bill ($24.60) and electricity bill ($122.20). Aug. 16 Cash 2 1 0 00 Sales 2 1 0 00 To record merchandise sold to our customer (Alfred Wong) on terms of n/30. Sep. 30 Purchases 2 5 0 0 00 Accounts Receivable 2 5 0 0 00 To record purchase of merchandise from our supplier (ARC Co.) on account. Oct. 5 Sales 7 2 1 5 00 Cash 7 2 1 5 00 To record cash sales for the week. Nov. 7 Cash 7 0 2 00 Sales To record payment received from our 7 0 2 00 customer (A.L. Santori) on account. Dec. Telephone Expense 3 2 70 Capital To record payment of telephone bill. 3 2 70

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To correct the journal entries using the reversingentry method we will do two things for each error Reverse the incorrect entry on the same date Recor... View full answer

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