ng the Accounting Cycle Instructions a. Prepare the closing entries that were made. b. Post the closing entries to Income Summary. E4.12 (LO 3) Blair Natt Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Casn, both for $700. 2. A collection of $1,500 from a client on account was debited to Cash $150 and credited to Service Revenue $150. 3. The purchase of equipment on account for $670 was debited to Equipment $760 and credited to Accounts Payable $760. Instructions a. Correct the errors by reversing the incorrect entry and preparing the correct entry. b. Correct the errors without reversing the incorrect entry. E4.13 (LO 3) Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570. on account for $560 was debited to Equipment $56 and credited to Accounts 2. The purchase of supplies Payable $56. 3. A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500. Instructions Prepare the correcting entries. E4.14 (LO 4) Writing Financial Statement The adjusted trial balance for Carter Bowling Alley Credit December 31, 2020, contains the following accounts. Debit Owner's Capital Accumulated Depreciation-Buildings $113,000 42,600 12,300 97.7 $128,800 14,520 Accounts Payable Notes Payable Buildings rounts Receivable 4,680

Question

Please answer E4.12 #1-3. Where it says instructions and then instructions for parts a and b. Only part a needs to be done for E4.12 1-3, so part b can be ignored. Thanks.

ng the Accounting Cycle
Instructions
a. Prepare the closing entries that were made.
b. Post the closing entries to Income Summary.
E4.12 (LO 3) Blair Natt Company discovered the following errors made in January 2020.
1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Casn,
both for $700.
2. A collection of $1,500 from a client on account was debited to Cash $150 and credited to Service
Revenue $150.
3. The purchase of equipment on account for $670 was debited to Equipment $760 and credited to
Accounts Payable $760.
Instructions
a. Correct the errors by reversing the incorrect entry and preparing the correct entry.
b. Correct the errors without reversing the incorrect entry.
E4.13 (LO 3) Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the
accountant made the following errors in journalizing transactions. All entries were posted as made.
1. A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to
Cash $570.
on account for $560 was debited to Equipment $56 and credited to Accounts
2. The purchase of supplies
Payable $56.
3. A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense
$500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
E4.14 (LO 4) Writing Financial Statement The adjusted trial balance for Carter Bowling Alley
Credit
December 31, 2020, contains the following accounts.
Debit
Owner's Capital
Accumulated Depreciation-Buildings
$113,000
42,600
12,300
97.7
$128,800
14,520
Accounts Payable
Notes Payable
Buildings
rounts Receivable
4,680

Image Transcription

ng the Accounting Cycle Instructions a. Prepare the closing entries that were made. b. Post the closing entries to Income Summary. E4.12 (LO 3) Blair Natt Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Casn, both for $700. 2. A collection of $1,500 from a client on account was debited to Cash $150 and credited to Service Revenue $150. 3. The purchase of equipment on account for $670 was debited to Equipment $760 and credited to Accounts Payable $760. Instructions a. Correct the errors by reversing the incorrect entry and preparing the correct entry. b. Correct the errors without reversing the incorrect entry. E4.13 (LO 3) Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570. on account for $560 was debited to Equipment $56 and credited to Accounts 2. The purchase of supplies Payable $56. 3. A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500. Instructions Prepare the correcting entries. E4.14 (LO 4) Writing Financial Statement The adjusted trial balance for Carter Bowling Alley Credit December 31, 2020, contains the following accounts. Debit Owner's Capital Accumulated Depreciation-Buildings $113,000 42,600 12,300 97.7 $128,800 14,520 Accounts Payable Notes Payable Buildings rounts Receivable 4,680

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