Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $4,380 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,850 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. a. III II I III II I 111
Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $4,380 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,850 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. a. III II I III II I 111
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter4: Journalizing And Posting Transactions
Section: Chapter Questions
Problem 11SPA: CORRECTING ERRORS Assuming that all entries have been posted, prepare correcting entries for each of...
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