The following errors took place in journalizing and posting transactions: A. insurance of $4,400 paid for the current year was recorded as a debit to insurance expense and a credit to prepared insurance. b. a withdrawal of 16,000 by Brian phillips, owner of the business, was recorded as a debit to wage expense and a credit to cash. journalize the entries to correct the errors. For part a, first reverse the original entry and then make the correct entry.

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A: Closing entries are prepared at the end of the accounting period. The income summary account is used…

Q: Entries to Correct Errors The following errors took place in journalizing and posting transactions:…

A:

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A: Closing entries are those entries which are passed at the end of the period in order to close out…

Q: Identify which of the following accounts should be closed with a debit or a credit at the end of the…

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A: Closing entries are prepared at the end of the accounting periods in order to transfer the balance…

Q: The following selected transactions were completed during July of the current year: 1. Billed…

A: Journal entries are prepared in order to include any financial transaction in the accounting…

Q: Blossom Company shows the following balances in selected accounts of its adjusted trial balance.…

A: Closing Entry: Closing entries are the accounting entries by  which   temporary account balances are…

Q: [The following information applies to the questions displayed below.]   Tunstall, Inc., a small…

A: Balance Sheet is called the position statement of the company because it shows the standing balances…

Q: Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After…

A: The other assets is incorrect due to its classification , the presentation of the same is done at…

Q: The following selected transactions were completed during October of the current year: 1. Billed…

A: Journal entries are the daily transactions which are recorded in the books of accounts. These are…

Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…

A: Closing entries are used to transfer the balance from a temporary rece to permanent account. We can…

Q: After the accounts have been adjusted at January 31, the end of the year, the following balances are…

A: Closing entries are used to transfer the balance from a temporary to a permanent account. We can say…

Q: Which of the following errors will affect the Trial balance? a. Electricity paid OMR 2,000: Debit…

A: Stationery expense = OMR 50 Correct entry for Stationery expense: DATE ACCOUNTS DEBIT CREDIT…

Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…

A: Balance of revenues and expenses is transferred to the capital account (net income or loss).

Q: The following selected transactions were completed during July of the current year: 1. Billed…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: heridan Company shows the following balances in selected accounts of its adjusted trial balance.…

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: The following trial balance was prepared incorrectly, rearrange the accounts in proper order,…

A: Correcting entries are recorded when the transaction so recorded has some error.

Q: The following errors took place in journalizing and posting transactions:a. Cash of $8,800 received…

A: Rectification of journal entry means to correctly record the entry which is recorded incorrect in…

Q: Azure Enterprises follows a manual accounting system. During the current fiscal year, it bought a…

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A: An income statement is a financial statement showing a company's income and expenses. It also…

Q: The following errors took place in journalizing and posting transactions:a. The receipt of $8,400…

A: a. Journalize the correcting entry to correct the error of the payment from a customer on account.

Q: After the accounts have been adjusted at January 31, 2010, the end of the fiscal year, the following…

A: The closing entries are prepared to close the temporary accounts of the business and close the…

Q: At Sandhill Company, the following errors were discovered after the transactions had been…

A: No. Correct Entry Entry Made Correcting Entry     Debit Credit   Debit Credit   Debit Credit…

Q: The ledger of Bonita Company includes the following unadjusted balances: Prepaid Insurance $3,300…

A: Trial balance shows the ledger debit and credit balances and the trial balance helpful in…

Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…

A: The net income is the net profit of the company earned during the period. The net income includes…

Q: After the accounts have been adjusted at December 31, the end of the fiscal year, the following…

A: Introduction: Closing Entries are the Closing journal entries, these are recorded at the end of the…

Q: Posting a. Rent expense of $3,220 paid for the current month was recorded as a debit to…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: For each of the following errors, considered individually, indicate whether the error would cause…

A: Trial balance: A trial balance is the summary of all the ledger accounts. The trial balance is…

Q: The following errors were found in the books of Rosco Consulting during the month: 1. Consultancy…

A: Correcting journal entries are recorded when any mistakes are made while recording journal entries…

Q: Correcting Entries The following errors took place in journalizing and posting the transactions…

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Q: The following transactions occurred at Chicken King Restaurant:   a.  Purchased new fryer…

A: Solution: For each of the transactions, affect on accounts and their normal balances are as under:

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A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: When the trial balance extracted from the books of keman Enterprises at the year-end failed to…

A: Prepaid insurance is an asset. All assets should have debit balance.

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A: The corporation analyzes its progress in generating income and the stand it holds in the competitive…

Q: What are the two journal entries required to close the accounts

A: Given account balances are: Kerry Bucknert, Capital $9,556,300 Kerry Bucknert, Drawing 80,000 Fees…

Q: I. Mr. J. Strom is the owner of a hardware store in Shelburne, Nova Scotia. At the end of the year,…

A: The goal of establishing a trial balance for a company is to find any mathematical or factual errors…

Q: After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances…

A: Journal entry: Journal is a book of prime entry or a book of original entry in which transactions…

Q: Entries to Correct Errors The following errors took place in journalizing and posting transactions:…

A: The rectification entries are passed to balance the accounts correctly.

Q: Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.…

A: Closing entries are entries that are passed at the end of the period to close all temporary accounts…

Q: After the accounts have been adjusted at January 31, the end of the year, the following balances are…

A: Journal entries: Journal entry records the financial transactions of a business in a journal book.…

Q: The ledger of Cullumber Company includes the following unadjusted balances: Prepaid Insurance…

A: Trial balance means a statement which include all the debit or credit balances of accounts from…

Q: After the accounts have been adjusted at September 30, the end of the fiscal year, the following…

A: Income Summary = Total revenue - Total expenses

Q: At the end of the current year, $59,500 of fees have been earned but have not been billed to…

A: Given, Fees receivables of $59,500

Q: After the accounts have been adjusted at November 30, the end of the fiscal year, the following…

A: Closing entries are entries made at the end of an accounting period, for transferring temporary…

Q: Journalize the entries to correct the following errors: a. A purchase of supplies for $500 on…

A: Journal entries recording is the first step of accounting cycle process, in which atleast one…

Q: Please answer the following transactions and tell me what account they would be under for each debit…

A: Journal entries are shown below: