The cash receipts journal shown below contains five entries. All five entries are for legitimate cash receipt
Question:
The cash receipts journal shown below contains five entries. All five entries are for legitimate cash receipt transactions, but the journal contains some errors in recording the transactions. In fact, only one entry is correct, and each of the other four entries contains one error.
Required
1. Identify the correct entry in the cash receipts journal above.
2. Identify the error in each of the other four entries.
3. Using the following format, prepare a corrected cash receipts journal. All column totals are correct in the cash receipts journal that follows.
Step by Step Answer:
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood