Time left 1. Zuhoor Muscat Company had recorded a RO 1,500 purchase of Computer Stationary on account as a debit to Rent Expense and a credit to Cash. To correct this error directly (without a reversing entry) will include a: O a. debit to Cash RO 1,500 and credit to Computer Stationary RO 1,500 O b. None of the options are correct O c. debit to Computer Stationary RO 1,500 and credit to Cash RO 1,500 O d. debit to Computer Stationary RO 1,500 and credit to Accounts Payable RO 1,500 O e. debit to Accounts Payable RO 1,500 and credit to Computer Stationary RO 1,500

Time left 1. Zuhoor Muscat Company had recorded a RO 1,500 purchase of Computer Stationary on account as a debit to Rent Expense and a credit to Cash. To correct this error directly (without a reversing entry) will include a: O a. debit to Cash RO 1,500 and credit to Computer Stationary RO 1,500 O b. None of the options are correct O c. debit to Computer Stationary RO 1,500 and credit to Cash RO 1,500 O d. debit to Computer Stationary RO 1,500 and credit to Accounts Payable RO 1,500 O e. debit to Accounts Payable RO 1,500 and credit to Computer Stationary RO 1,500

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 6E: The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked...

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Journalize correcting entries for each of the following errors and include a brief explanation. a. A cash purchase of office equipment for 680 was journalized as a cash purchase of store equipment for 680. (Use the ruling method; assume that the entry has not been posted.) b. An entry for a 180 payment for office supplies was journalized as 810. (Use the ruling method; assume that the entry has not been posted.) c. A 620 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction.) d. A 750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as 660. (Use the correcting entry method to journalize the correction.)
Errors in trial balance The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total 77,600 and 62,100, respectively; (2) a billing of 9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of 4,500 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is 5,400; (5) the correct balance of the equipment account is 190,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.
1-Which of the following is an example of Transposition Error? a. Electricity expense of OMR 50 entered two times by mistake b. Purchase of Merchandise on credit RO 15000 entered in Fixed asset account. c. Sales day book undercast by RO 1200 d. Sale of Merchandise for cash RO 15,729 entered as 15279 in Sales account 2-Ms. Salma is an Accountant. the business incurred electricity expense of RO 512 was entered by her as RO 152 in cash account. but the entry was written in electricity account correctly. Which of the following rectification entry is Correct? a. Give Credit Cash account with RO 360 b. Give Debit Cash account with RO 360 c. Give Debit Cash Account with RO 720 d. give Debit RO 360 in both the accounts 3-Credit sales invoice will be recorded in a. Sales journal b. Purchase journal c. Purchase ledger d. Sales ledger 4-Sales revenues are RO 400,000, cost of goods sold is RO 310,000, and operating expenses are…
Write the journal entries to correct the following errors. (1) Rent Received Kshs. 430,000 have been credited to the Commissions Received account. (2) Bank charges Kshs. 34,000 have been debited to the Business Rates account. (3) Completely omitted from the books is a payment of Motor Expenses by cheque Kshs. 37,000. (4) A purchase of a fax machine Kshs. 242,000 has been entered in the Purchases account. (5) Returns inwards Kshs. 216,000 has been entered on the debit side of the Returns Outwards account. (6) A loan from G Bain Kshs. 2,000,000 has been entered on the credit side of the Capital account. (7) Loan interest of Kshs. 400,000 has been debited to the Van account. (8) Goods taken for own use Kshs. 84,000 have been debited to the Purchases account and credited to drawings. b) The following transaction were extracted from the books of Barikiwa Enterprises for the months of March 2020. 1st March, 2020 Sold goods on credit to Musyoka Kshs. 250,000 4th March, 2020…
Which of the following errors will not affect the Trial balance? a. Wrong totaling of purchase journal OMR 48,000 instead OMR 84,000 b. Cash paid to Mr. Said OMR 7800: Debit Mr. Said OMR 8700 and Credit Cash OMR 7800 c. Omitting Salary account OMR 12,000 and recording Cash account OMR 12,000 d. Omitting Rent account OMR 8,000 and Cash account RO 8,000
29) During the month of April 2018, the business paid cash of RO 15,500 to John mart, but it is wrongly debited to the account of Jack mart. As an accountant, what is the rectified entry would you write to correct this error? a. Jack mart RO 15,500 Dr / John mart RO 15,500 Cr b. John mart RO15,500 Dr / Jack mart RO 15,500 Cr c. Jack mart RO 15,500 Dr / Account payable RO 15,500 Cr d. John mart RO 15,500 Dr / Account payable RO 15,500 Cr
Journalize the entries to correct the following errors (for each Journal Entry, omit the 4th journalizing step of providing an explanation): (a) An actual purchase of supplies for $300 on account was recorded and posted as a debit to Supplies for $600 and as a credit to Accounts Receivable for $500. (b) An actual receipt of $5,000 from Fees Earned was recorded and posted as a debit to Fees Earned for $3,000 and a credit to Cash for $3,000. JOURNAL Date Description Post. DR CR (a) (b)
(Corrected Trial Balance) The following trial balance of Blues Traveler Corporation does not balance. An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and credit) as $1,380 instead of $1,830.2. The purchase on account of a computer costing $3,200 was recorded as a debit to Office Expense and a credit to AccountsPayable.3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and ServiceRevenue was credited $225.4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.5. The Service Revenue account was totaled at $5,200 instead of $5,280. InstructionsFrom this information prepare a corrected trial balance.
The trial balance will be out of balance if: O P1,000 cash drawing by the owner is debited to Owners Drawing for P10,000 and credited to Cash for P1,000. O The purchase of supplies on account is debited to Supplies and credited to Cash. A P4,500 payment on account is debited to Accounts Payable for P450 and credited to Cash for P450. O A correct journal entry is posted twice. please provide an explanation
State which type of error it involves. Prepare a general journal in which you correct each error. All the corrections must be made at June 30, 2019, in the business of Holmes Ltd. 1. On June 1, 2019, cash purchases of $4 000 were omitted from the accounts. 2. A computer was bought with a cheque of $50 000 on June 5, 2019. This transaction was recorded in both the Purchases and Bank accounts. 3. The Rent account and Discount received accounts were undercast by $2 000.
Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
Correction of Errors Grace’s trial balance did not balance, the debits exceeded the credits by $1 560. A suspense account was opened for the difference. You are asked to help and after inspection of the ledgers the following errors were found. $2 500 received from sales of old motor vehicle had been entered in the Sales Account. Purchases day book had been overcast by $200. A cheque of $1 900 from A. Brent was accidentally credited to A. Brian’s account. The owner took $2 800 worth of goods out of the business purchases. Bank charges $440 entered in the cash book have not been posted to the bank charges account. A sale of goods to R Christie $4 600 was correctly entered in the Cash Book but entered in the personal account ad $6 400. Required: a. The Net profit originally calculated for the previous year was $56 800. Show your calculation of the correct figure. Please answer ASAP