Question
Asked Nov 30, 2019
4 views

The following errors took place in journalizing and posting transactions:
a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.
Journalize the entries to correct the errors. Omit explanations.

check_circle

Expert Answer

Step 1

Rectification of journal entry means to correctly record the entry which is recorded incorrect in the books of account. Rectification is made by passing a correct en...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Journal and Ledger Balance

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall ...

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you w...

question_answer

Q: Partial-Year Depreciation Equipment acquired at a cost of $100,000 has an estimated residual value o...

A: a. Compute depreciation for current fiscal year and for following fiscal year using straight line me...

question_answer

Q: Give two difference between Reserve captial and captial reserve.

A: Capital Reserve: means the part of profit reserved by the company for a particular purpose such as t...

question_answer

Q: Exercise 12-9 During 2013, Bridgeport Corporation spent $148,320 in research and development costs....

A: As you have posted multiple questions, the solution to the first question is provided. Kindly repost...

question_answer

Q: The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of whic...

A: Payroll Accounting:The process of payroll accounting includes the computation and payment of earning...

question_answer

Q: If the effect of the debit portion of an adjusting entry is to increase the balance of an asset acco...

A: If a debit portion of adjusting entry increase the balance of an asset account, the credit portion w...

question_answer

Q: Identify each of the following accounts of Dispatch Services Co. as asset, liability, owner’s equity...

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the ot...

question_answer

Q: General questions Under GAAP, a parent company should exclude a subsidiary from consolidation if:...

A: (1) Option (4) is the correct answer. Subsidiary company is controlled by the parent company. If the...

question_answer

Q: A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a...

A: Net Income is the difference between revenue and expenses reported in an accounting period.Net Incom...