What are the correcting entries to adjust the below incorrect records? In the closing entries of the Income Statement, the insurance expense was recorded $1350 instead of $1530. A collection of $3,000 from a client on account was debited to Cash $300 and credited to Service Revenue $300.
What are the correcting entries to adjust the below incorrect records? In the closing entries of the Income Statement, the insurance expense was recorded $1350 instead of $1530. A collection of $3,000 from a client on account was debited to Cash $300 and credited to Service Revenue $300.
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 3EA: For each of the following accounts, identify whether it would be closed at year-end (yes or no) and...
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What are the correcting entries to adjust the below incorrect records?
- In the closing entries of the Income Statement, the insurance expense was recorded $1350 instead of $1530.
- A collection of $3,000 from a client on account was debited to Cash $300 and credited to Service Revenue $300.
A collection of $3,000 from a client on account was debited to Cash $300 and credited to Service Revenue $300. | Answer 1Choose...Dr Insurance Expense $180 - Cr Income Summary $180Dr Insurance Expense $1530 - Cr Income Summary $180 & Cr Insurance Expense $1350Dr Service Revenue $300 - Dr Cash $2700 - Cr |
In the closing entries of the Income Statement, the insurance expense was recorded $1350 instead of $1530. |
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