close solutoin list

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.)

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 3, Problem 8E
Textbook Problem

Journalize correcting entries for each of the following errors and include a brief explanation.

  1. 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.)
  2. 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.)
  3. 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.)
  4. 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.)

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 3 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
Define selling cost. Give five examples of selling cost.

Managerial Accounting: The Cornerstone of Business Decision-Making

Define the price elasticity of demand and the income elasticity of demand.

Principles of Macroeconomics (MindTap Course List)

How do unions affect the natural rate of unemployment?

Brief Principles of Macroeconomics (MindTap Course List)

How are marketing decisions affected by environmental forces?

Foundations of Business (MindTap Course List)

List five ratios that are automatically provided by the vertical analysis of income statements.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

RESIDUAL DIVIDEND MODEL Buena Terra Corporation is reviewing its capital budget for the upcoming year. It has p...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What are cash equivalents?

Cornerstones of Financial Accounting