Journalize correcting entries for each of the following errors. A cash purchase of office equipment for $635 was journalized as a cash purchase of store equipment for $635. (Use the ruling method; assume that the entry has not been posted and the incorrect accounts have been crossed out.) An entry for a $260 payment for office supplies was journalized as $620. (Use the ruling method; assume that the entry has not been posted. Also assume that the $620 amounts in the journal entry have been crossed out.) A $480 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction. Use the one-step approach.) A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $640. (Use the correcting entry method to journalize the correction. Use the one-step approach.) GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- a. Office Equipment Cash Bought office equipment. b. Office Supplies Cash Bought office supplies. (One-Step Approach) c. To correct error in which Equipment was debited instead of Repair Expense. d. To correct error in which a $750 payment was recorded as $640.
Journalize correcting entries for each of the following errors. A cash purchase of office equipment for $635 was journalized as a cash purchase of store equipment for $635. (Use the ruling method; assume that the entry has not been posted and the incorrect accounts have been crossed out.) An entry for a $260 payment for office supplies was journalized as $620. (Use the ruling method; assume that the entry has not been posted. Also assume that the $620 amounts in the journal entry have been crossed out.) A $480 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction. Use the one-step approach.) A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $640. (Use the correcting entry method to journalize the correction. Use the one-step approach.) GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT 20-- a. Office Equipment Cash Bought office equipment. b. Office Supplies Cash Bought office supplies. (One-Step Approach) c. To correct error in which Equipment was debited instead of Repair Expense. d. To correct error in which a $750 payment was recorded as $640.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 8E: Journalize correcting entries for each of the following errors and include a brief explanation. a. A...
Related questions
Question
Journalize correcting entries for each of the following errors.
- A cash purchase of office equipment for $635 was journalized as a cash purchase of store equipment for $635. (Use the ruling method; assume that the entry has not been posted and the incorrect accounts have been crossed out.)
- An entry for a $260 payment for office supplies was journalized as $620. (Use the ruling method; assume that the entry has not been posted. Also assume that the $620 amounts in the
journal entry have been crossed out.) - A $480 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction. Use the one-step approach.)
- A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $640. (Use the correcting entry method to journalize the correction. Use the one-step approach.)
GENERAL JOURNAL | PAGE | |||||
---|---|---|---|---|---|---|
DATE | DESCRIPTION | DOC. NO. | POST. REF. | DEBIT | CREDIT | |
20-- | ||||||
a. | Office Equipment | |||||
Cash | ||||||
Bought office equipment. | ||||||
b. | Office Supplies | |||||
Cash | ||||||
Bought office supplies. | ||||||
(One-Step Approach) | ||||||
c. | ||||||
To correct error in which Equipment was debited instead of Repair Expense. | ||||||
d. | ||||||
To correct error in which a $750 payment was recorded as $640. |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,