The following errors took place in journalizing transactions: a. A cash receipt of $6,100 was recorded as
Question:
a. A cash receipt of $6,100 was recorded as a debit to Cash of $1,600 and a credit to Accounts Receivable of $1,600.
b. A debit of $3,500 to Accounts Receivable was missed entirely, as was the credit entry to Fees Earned.
c. Supplies of $415 were returned and cash was received. This transaction was erroneously recorded as a $451 credit to Supplies and a $451 debit to Cash.
d. Supplies of $1,450 were purchased on account. The entry was not recorded.
Instructions
If necessary, use T accounts to record the original entry, the entry to remove it and, record the entry correctly. Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
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