Homework Help is Here – Start Your Trial Now!
Business
Accounting
Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and credited Accounts Payable for a P29,000 purchase of office equipment on account. b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for P9,000. This adjusting entry should have debited Rent Expense and credited repaid Rent for P9,000. c. Debited Salary Expense and credited Cash to accrue salary expense of P9,000. d. Recorded the earning of P32,000 service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue. e. Accrued interest revenue of P8,000 by a debit to Accounts Receivable and a credit to Interest Revenue. f. Recorded a P6,000 cash purchase of supplies by debiting Supplies and crediting Accounts Payable.

Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and credited Accounts Payable for a P29,000 purchase of office equipment on account. b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for P9,000. This adjusting entry should have debited Rent Expense and credited repaid Rent for P9,000. c. Debited Salary Expense and credited Cash to accrue salary expense of P9,000. d. Recorded the earning of P32,000 service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue. e. Accrued interest revenue of P8,000 by a debit to Accounts Receivable and a credit to Interest Revenue. f. Recorded a P6,000 cash purchase of supplies by debiting Supplies and crediting Accounts Payable.

College Accounting (Book Only): A Career Approach
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...
See similar textbooks
icon
Related questions
Question
100%

PLEASE SKIP IF YOU ALREADY ANSWERED. I WILL UPVOTE

Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and credited Accounts Payable for a P29,000 purchase of office equipment on account. b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for P9,000. This adjusting entry should have debited Rent Expense and credited repaid Rent for P9,000. c. Debited Salary Expense and credited Cash to accrue salary expense of P9,000. d. Recorded the earning of P32,000 service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue. e. Accrued interest revenue of P8,000 by a debit to Accounts Receivable and a credit to Interest Revenue. f. Recorded a P6,000 cash purchase of supplies by debiting Supplies and crediting Accounts Payable.
Transcribed Image Text:Problem 9 Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and credited Accounts Payable for a P29,000 purchase of office equipment on account. b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for P9,000. This adjusting entry should have debited Rent Expense and credited repaid Rent for P9,000. c. Debited Salary Expense and credited Cash to accrue salary expense of P9,000. d. Recorded the earning of P32,000 service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue. e. Accrued interest revenue of P8,000 by a debit to Accounts Receivable and a credit to Interest Revenue. f. Recorded a P6,000 cash purchase of supplies by debiting Supplies and crediting Accounts Payable.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
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.
Similar questions
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
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…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Accounting (Text Only)
Accounting (Text Only)
Accounting
ISBN:
9781285743615
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Financial & Managerial Accounting
Financial & Managerial Accounting
Accounting
ISBN:
9781337119207
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS