Question: The following errors took place in journalizing and posting transactions: (a) Cash of $12,975 received on account was recorded as a debit to Fees Earned

The following errors took place in journalizing and posting transactions:
(a) Cash of $12,975 received on account was recorded as a debit to Fees Earned and a credit to Cash.
(b) A $3,200 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.
Journalize the entries to correct the errors. Omit explanations.

Step by Step Solution

★★★★★

3.40 Rating (172 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Cash 25950 Fees Earned 12975 Accounts Receivable ... View full answer

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

52-B-C-A-T-A (68).docx

120 KBs Word File

Students Have Also Explored These Related Cost Accounting Questions!

The following errors took place in journalizing and posting transactions: a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent. b....

The following errors took place in journalizing and posting transactions: a. The payment of $3,125 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. b....

The following errors took place in journalizing and posting transactions: a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to...

Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash....

On July 2 4 , it was discovered that the following errors took place in journalizing and posting transactions: a . Cash of $ 8 , 8 0 0 received on account was recorded as a debit to Fees Earned and a...

The following errors took place in journalizing and posting transactions: a. Cash of $8,200 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,540 purchase of...

On July 24, it was discovered that the following errors took place in journalizing and posting transactions: a. Cash of $8, 800 received on account was recorded as a debit to fees Earned and a credit...

Entries to correct errors The following errors took place in journalizing and posting transactions: a . Cash of $ 7 , 5 5 0 received on account was recorded as a debit to Fees Earned and a credit to...

Instructions The following errors took place in journalizing and posting transactions: a . Cash of $ 8 , 1 0 0 received on account was recorded as a debit to Fees Earned and a credit to Cash. b . A $...

Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $3,390 received on account was recorded as a debit to Fees Earned and a credit to Cash....

Suppose you purchased a stock at the end of 2017 and sold it at the end of 2019. The year-end stock prices are shown below and the stock paid no dividends. (1) 2017 $100 2018 $112 2019 $100 Compute...

About 30% of U.S. adults are trying to lose weight. You randomly select eight U.S. adults. Find the probability that the number of U.S. adults who say they are trying to lose weight is (a) Exactly...

What are three areas of special concern for local legislation and the public?

5. Given that: &t = ,t 0, Find S10 20-t'

By the time Michael Dell enrolled at the University of Texas in 1983, he was already a successful entrepreneur. Although his initial academic interest was not business, Dell launched a venture...

Explain various types of Errors in measurement and state how they can take care of.

Zebra Company reports the following figures for the years ending December 31, 2019 and 2018: 2019 2018 Net Sales $ 70 comma 000 $ 42 comma 000 Cost of Goods Sold 46 comma 000 32 comma 000 Gross...

Think back over your life to recall important turning pointssignificant events that made a difference in the trajectory of your life. Describe at least live (5) events and note the year in which each...

Electronic surveillance is often of limited value in the investigation of employee fraud because of concerns regarding employees privacy rights. (True/False)

In BE2-2, Boeings current assets consisted primarily of cash and short-term investments of $9.3 billion, accounts receivable of $5.7 billion, inventory of $9.6 billion, and miscellaneous current...

Excerpts from the annual report of AT&T, Inc., are as follows. Compute the missing values and briefly discuss AT&S sources and uses of cash during the three-year period. Statement of Cash Flows...

A recent balance sheet of Royal Dutch Shell, a huge oil and gas company that prepares financial statements using IFRS, reported the following dollar amounts (in millions) Non-current assets $154,073...

Bow Darling is an eCommerce site that sells children's hair bows. The bows are handmade and sell for premium prices. The company is owned by Marsha Darling, who started the business 8 years ago as a...

Tobins Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12'' and 16'' frozen pizzas for November: Units 12" Pizza 16" Pizza Budgeted...

The Triquel Theater Inc. was recently formed. It began operations in March 2017. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of...