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Question 10 options:
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Wages Payable, debit; Wages Expense, credit |
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Wages Expense, debit; Wages Payable, credit |
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Wages Expense, debit; Cash, credit |
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Cash, debit; Wages Expense, credit |
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- Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective productFINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using a correcting entry.When an owner withdraws cash or goods from the business, why is this considered an increase to the Drawing account and not an increase to the Wages Expense account?
- For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanIn the trial balance below, total debits do not equal total credits. Find and correct the likely error(s) to bring the totals into balance. Debit Credit Cash 158,000 Office Supplies 25,000 Equipment 180,000 Accum. Depreciation—Equipment 44,000 Accounts Payable 47,700 Wages Payable 13,000 W. Shannon, Capital 20,970 W. Shannon, Withdrawals 25,000 Entertainment Revenue 338,000 Rent Expense 26,800 Gas and Oil Expense 3,000 Wage Expense 219,700 Advertising Expense 12,500 Legal Expense 11,400 Totals 636.400 488,670 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Sandhill Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $360 was debited to Equipment and credited to Cash, both for $360. 2. A collection of $1,100 from a client on account was debited to Cash $110 and credited to Service Revenue $110. 3. The purchase of equipment on account for $270 was debited to Equipment $800 and credited to Accounts Payable $800. (a) Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title to reverse the incorrect entry enter a debit amount enter a credit amount enter an account title to reverse the incorrect entry enter a debit amount enter a credit amount (To reverse the incorrect entry) enter an account title to record the…
- Which of the following describes the transaction resulting in a journal entry with a debit to Salaries payable and a credit to Cash? A. Salaries expense has been incurred but is unpaid. B. Cash was used to pay for salaries that were previously recorded as an expense. C. Cash was used to pay for salaries that were not previously recorded as an expense. D. Cash was used to prepay employee wages.For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.a. The payment of cash for the purchase of office equipment of $12,900 was debited to Land for $12,900 and credited to Cash for $12,900.b. The payment of $1,840 on account was debited to Accounts Payable for $184 and credited to Cash for $1,840.c. The receipt of cash on account of $3,800 was recorded as a debit to Cash for $8,300 and a credit to Accounts Receivable for $3,800.Which of these transactions requires a credit entry to Revenue? A.collected balance due from customers B.refunded a customer for a defective product C.received cash from bank loan D.received cash from services performed this month
- Below is the trial balance of Matilde Gascon Repair Service, which does not balance. Gascon Repair Service Trial Balance Jan. 31, 2019 P 110,400 284,600 66,400 40,000 526,800 Cash Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Gascon, Capital Gascon, Withdrawals Repair Revenues Salaries Expense Advertising Expense Totals P 130,000 195,400 297,200 100,000 821,400 348,700 12,200 P1,389,100 P1,544,000 The following information is obtained from a review of the record keeping process. a. An account receivable for P19,600 was incorrectly added as P 16,900 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Advertising Expense account. c. A credit posting of P15,000 to Notes Payable should have been made to Accounts payable. d. A debit posting of P34,000 to Supplies was incorrectly posted as P3,400. e. Credits to the ledger Accounts Payable account were under-footed by…Pharoah Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $310 was debited to Equipment and credited to Cash, both for $310. 2. A collection of $7,900 from a client on account was debited to Cash $790 and credited to Service Revenue $790. 3. The purchase of equipment on account for $480 was debited to Equipment $720 and credited to Acc