College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 6QY
A $250 payment for salaries expense was incorrectly journalized and posted as a debit to Salaries Expense for $2,500 and a credit to Cash for $2,500. Using the one-step method, how would the entry be corrected?
- a. Cash 2,500
Salaries Expense 2,500
- b. Salaries Expense 250
Cash 250
- c. Cash 2,250
Salaries Expense 2,250
- d. Salaries Expense 2,250
Cash 2,250
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The trial balance will be out of balance if:
O P1,000 cash drawing by the owner is debited to Owners Drawing for P10,000 and credited to Cash for P1,000.
O The purchase of supplies on account is debited to Supplies and credited to Cash.
A P4,500 payment on account is debited to Accounts Payable for P450 and credited to Cash for P450.
O A correct journal entry is posted twice.
please provide an explanation
As at 30 June 2019, the unadjusted trial balance of Green Ltd was noted as follows:
Green Ltd
TRIAL BALANCE
AS AT 30 JUNE 2019
Accounts
Debit ($)
Credit ($)
Cash at bank
8 985
Account receivables
31 200
Prepaid insurance
3 900
Office Supplies
4 680
Office equipment
14 100
Accumulated depreciation - equipment
2 850
Accounts payable
315
Salary payable
Unearned service revenue
1 230
Loan payable
10 500
Capital
33 300
Drawings
60 000
Service revenue
159 270
Salary expenses
66 000
Depreciation expenses - equipment
Miscellaneous expenses
18 600
TOTAL
207 465
207 465
The following additional information is available at the end of June for adjustments:
A physical count of office supplies on 30 June shows $660 of unused supplies on hand
Depreciation of the office equipment is 10% each year (straight line…
As at 30 June 2019, the unadjusted trial balance of Green Ltd was noted as follows:
Green Ltd
TRIAL BALANCE
AS AT 30 JUNE 2019
Accounts
Debit ($)
Credit ($)
Cash at bank
8 985
Account receivables
31 200
Prepaid insurance
3 900
Office Supplies
4 680
Office equipment
14 100
Accumulated depreciation - equipment
2 850
Accounts payable
315
Salary payable
Unearned service revenue
1 230
Loan payable
10 500
Capital
33 300
Drawings
60 000
Service revenue
159 270
Salary expenses
66 000
Depreciation expenses - equipment
Miscellaneous expenses
18 600
TOTAL
207 465
207 465
The following additional information is available at the end of June for adjustments:
A physical count of office supplies on 30 June shows $660 of unused supplies on hand
Depreciation of the office equipment is 10% each year (straight line…
Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700arrow_forwardPost the following August transactions to T-accounts for Accounts Payable and Supplies, indicating the ending balance (assume no beginning balances in these accounts): A. purchased supplies on account, $600 B. paid vendors for supplies delivered earlier in month, $500 C. purchased supplies for cash, $450arrow_forward26.A business received cash of P3,000 in advance for services that will be provided later. The cash receipt entry debited Cash and credited Unearned Revenue of P3,000. At the end of the period, P1,100 is still unearned. The adjusting entry for this situation will a. Debit Revenue and credit Unearned Revenue for P1,900. b, Debit Revenue and credit Unearned Revenue for P1,100. c. Debit Unearned Revenue and credit Revenue for P1,900. d. Debit Unearned Revenue and credit Revenue for P1,100.arrow_forward
- The following errors took place in journalizing and posting transactions:a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.b. A withdrawal of $10,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.Journalize the entries to correct the errors. Omit explanations.arrow_forwardOn March 1, a company received P3,000 cash from a client as an advance for 12 months’ worth of delivery services. The company initially recorded this receipt as a debit to cash and a credit to delivery service revenue. The adjusting entry on December 31 would include a: credit to delivery service revenue, P500. credit to unearned delivery service revenue, P500. No adjusting entry was required because the delivery service was for a one-year period exactly. debit to delivery service revenue, P2,500.arrow_forwardAlicia Tax Services paid $500 to settle an account payable. Which of the following general journal entries will Alicia Tax Services make to record this transaction? a. Debit Office supplies, $500; credit Accounts payable, $500. b. Debit Cash, $500; credit Office supplies, $500. c. Debit Accounts payable, $500; credit Cash, $500. d. Debit Office supplies expense, $500; credit Cash, $500.arrow_forward
- On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded Consulting Revenue. On January 16, Yates received $26,700 cash as payment in full for consulting work it provided that began on December 18 and ended on January 16. The company uses reversing entries. a. Prepare the December 31 adjusting entry. c. Prepare the January 16 cash receipt entry. b. Prepare the January 1 reversing entry.arrow_forwardCalculate (A) amount to be credited and (B) balance outstanding Invoice Amount: $3,000 Terms: 2/10, n/30 Invoice Date: July 5 Payment Amount: $600 Date Paid July 14 Find the Amount to be credited (A): Find the Balance Outstanding (B):arrow_forwardA business received cash of P30,000 in advance for revenue that will be earned later. The receipt entry debited cash and credited unearned revenues for P30,000. At the end of the period, P11,000 is still unearned. The adjusting entry for this situation will a. debit revenues and credit unearned revenues for P19,000. b. debit revenues and credit unearned revenues for P11,000. c. debit unearned revenues and credit revenues for P11,000. d. debit unearned revenues and credit revenues for P19,000.arrow_forward
- Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $5700 Equipment $7580 Cash 2805 Prepaid insurance 1275 Unearned service revenue 5510 Depreciation expense 890 Salaries and wages expense 1270 Accum. depreciation 1360 Common stock 640 Retained earnings 610 a.) $13440 b.) $11660 c.) $13820 d.) $12460arrow_forwardPart A : Multiple Choice Questions The balance day adjustment for salaries accrued of $1,100 is: Dr salaries expense $1,100; Cr salaries payable $1,100. Dr salaries expense $1,000; Dr GST paid $100; Cr expense accrued $1,100. Dr expense accrued $1,100 Cr; salaries expense $1,100. Dr expense accrued $1,100; Cr salaries expense $1,000; Cr GST paid $100. Which of the following items decreases the balance in the accounts receivable? Cash paid to creditors Discounts received Credit sales Discounts allowed Which of the following statements is not true? Expense is the amount incurred or paid in earning the revenue and running the business. Expenses includes the cost of goods sold (that is, the cost of the goods or inventory that have been sold). The expense account should be credited when an expense is incurred. Wages, electricity and motor vehicle expenses are all examples of expenses. If inventory was purchased for $2 288 inclusive of GST, what would the GST…arrow_forwardThe following partial list of accounts and account balances has been taken from the trial balance and the adjusted trial balance of Baye Company: Trial Balance Adjusted Trial Balance (Debit) (Credit) (Debit) (Credit) Accumulated Depreciation $5,000 $6,200 Allowance for Doubtful Accounts 400 650 Income Taxes Payable 0 2,250 Interest Payable 0 320 Prepaid Insurance $350 $80 Salaries Payable 0 720 Unearned Rent 900 300 Prepare the adjusting entry that caused the change in each account balance on December 31 by journalizing.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY