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Entries to correct errors 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.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 2, Problem 22E
Textbook Problem
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Entries to correct errors

The following errors took place in journalizing and posting transactions:

  1. A. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.
  2. 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.

To determine

Journalize the entries to correct the errors.

Explanation of Solution

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting.  In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

(a)

Journalize the correcting entry to correct the error of receipt of cash on account.

DateDescription

Post.

Ref.

Debit ($)Credit ($)
 Cash 8,800 
      Service revenue  8,800

Table (1)

DateDescription

Post.

Ref.

Debit ($)Credit ($)
 Cash 8,800 
      Accounts receivable  8,800

Table (2)

  • • In the first entry, the incorrect entry of debit to service revenue account, and credit to cash account are reversed.
  • • In the second entry, the correct entry is recorded...

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Chapter 2 Solutions

Financial And Managerial Accounting
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