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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Cornerstone Exercise 4-18 Adjusting Entry from Bank Reconciliation

A customer of Mutare paid for merchandise originally purchased on account with a check that has been erroneously entered into Mutare’s cash account for $570 (it actually has been issued and paid for $750).

Required:

Record the appropriate journal entry to correct the error.

To determine

Introduction: Rectification of error means there was an error in the last accounting period at the time of recording or posting of any transaction. At the end of the movement these entries will be rectify by passing a single journal entry.

To choose:

The rectify journal entry that will be passed.

Explanation

In this question the error only in the mutare’s cash account only because cash has been received amount $750, but in the company book the amount has been recorded by $570, it means the error amount is 180, then this rectification is solved by 180.

Final journal entry will be

    Date ParticularL...

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