Question: The following errors took place in journalizing and posting transactions: a. A $550 purchase of supplies on account was recorded as a debit to Miscellaneous

The following errors took place in journalizing and posting transactions:

a. A $550 purchase of supplies on account was recorded as a debit to Miscellaneous Expense and a credit to Prepaid Rent.

b. Cash of $3,750 received on account was recorded as a debit to Accounts Payable and a credit to Cash.

Journalize the entries to correct the errors. Omit explanations.


Step by Step Solution

★★★★★

3.44 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a Supplies 550 Accounts Paya... View full answer

blur-text-image
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)

Word file Icon

186-B-A-T-D (858).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

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....

Q:

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....

Q:

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...

Q:

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....

Q:

PART ONE: The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash...

Q:

Need help! Book Calculator Show Me How Entries to correct errors Instructions Chart of Accounts Journal Instructions The following errors took place in journalizing and posting transactions: a. Cash...

Q:

Instructions x The following errors took place in joumalizing and posting transactions: a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to...

Q:

The following errors took place in journalizing and posting transactions: a . Cash of $ 8 , 5 0 0 received on account was recorded as a debit to Fees Earned and a credit to Cash. b . A $ 1 , 7 8 0...

Q:

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...

Q:

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...

Q:

Marisol is new to town and is in the market for cellular phone service. She has settled on Wildcat Cellular, which will give her a free phone if she signs a one-year contract. Wildcat offers several...

Q:

Why do interest rates vary among countries? Why are interest rates normally similar for those European countries that use the euro as their currency? Offer a reason why the government interest rate...

Q:

When tax planning what ethical consierations should be considered? What are the Circular 3 2 0 ethical requirements ?

Q:

Stockholders equity of Ernst Company consists of 86,000 shares of $5 par value, 10% cumulative preferred stock and 310,000 shares of $1 par value common stock. Both classes of stock have been...

Q:

Determine the Miller indices of the following plane: (232) (343) (434) (423) 1/2 1/3

Q:

The resistivity of Cu at 0C is 1.30 x 10-8 2.m. The change in resistivity per degree Celsius is 0.02 x 10-8 2.m. A Cu wire of length 10 cm is heated from 0C to a new temperature T. The resistivity at...

Q:

Mr. Shop purchases a pizza shop for $120,000. Its operation will result in a net income of $15,000/Yr for the first year, increasing by $2,000 each year after year 1. At the end of the fifth year,...

Q:

Your local bank has a promotional saving program that pays an interest rate of 6% per year compounded monthly. If you deposit $1,000 on January 1 in this bank, how much will you have in your account...

Q:

6.18 The credit balances in the current accounts of customers of a bank are summarized in the following grouped relative frequency distribution: Balance () Relative frequency 0 and under 500 0.12 500...

Q:

The accounting clerk pays all obligations by prenumbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation? LO2

Q:

When is a voucher recorded? LO2

Q:

Before a voucher for the purchase of merchandise is approved for payment, support- ing documents should be compared to verify the accuracy of the liability. Name an example of a supporting document...

Q:

Manitowoc Crane (A). Manitowoc Crane (U.S.) exports heavy crane equipment to several Chinese dock facilities. Sales are currently 12,000 units per year at the yuan equivalent of $23,000 each. The...

Q:

2. If you would like to retire with $2,000,000, what amount must you invest at the end of each year for the next 40 years if you can invest at 10% per year? If you invest at the end of each month for...

Q:

Which of the following guidelines are appropriate for inclusion in a portfolio management policy? I. Diversify among different types of securities and across industry and geographic lines. II ....