On March 1, it was discovered that the following errors took place in journalizing and posting transactions:a.Rent Expense of $4,650 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense.b.The payment of $3,700 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.

Errors not affecting trial balance: An error is a mistake committed in the process of book-keeping…

Answered: ournalize the entries on March 1 to…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 5PB: Tech Support Services has the following unadjusted trial balance as of January 31, 2019: The debit...

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On March 1, it was discovered that the following errors took place in journalizing and posting transactions:

a.	Rent Expense of $4,650 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense.
b.	The payment of $3,700 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable.

Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.

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