COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 4, Problem 6E
Recording a correcting entry.
On August 22, 2019, an employee of Bell Company mistakenly debited the Repair Expense account rather than the Truck Expense account when recording a bill of $900 for repairs. The error was discovered on October 1. Prepare a general
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Students have asked these similar questions
State which type of error it involves.
Prepare a general journal in which you correct each error. All the corrections must be made at June 30, 2019, in the business of Holmes Ltd.
1. On June 1, 2019, cash purchases of $4 000
were omitted from the accounts.
2. A computer was bought with a cheque of $50 000 on June 5, 2019. This transaction was recorded in both the Purchases and Bank accounts.
3. The Rent account and Discount received accounts were undercast by $2 000.
During the last week of 2020, Grandma’s House Inc. received a $96,000 prepayment for 2021 rent of a building from one of its tenants, Red-Riding-Hood. Grandma’s House recorded the receipt as rent revenue. The error was discovered midway through 2021. What journal entry should Grandma’s House record in 2021 to correct the error?
Group of answer choices
dr. Rent Expense $48,000; cr. Revenue $48,000.
dr. Deferred Revenue $96,000; cr. Revenue $96,000.
dr. Retained earnings $96,000; cr. Revenue $96,000.
None of the options listed.
dr. Retained earnings $96,000; cr. Deferred revenue $48,000; cr. Revenue $48,000.
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…
Chapter 4 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 4 - The part of the journal entry to be recorded first...Ch. 4 - A general journal is like a(n): a. address book....Ch. 4 - Why are check and invoice numbers included in the...Ch. 4 - Prob. 1.4SRQCh. 4 - Prob. 1.5SRQCh. 4 - Prob. 1.6SRACh. 4 - Prob. 2.1SRQCh. 4 - Prob. 2.2SRQCh. 4 - What is entered in the Posting Reference column of...Ch. 4 - Prob. 2.4SRE
Ch. 4 - Prob. 2.5SRECh. 4 - Prob. 2.6SRACh. 4 - What is recorded in the Posting Reference column...Ch. 4 - Prob. 2CSRCh. 4 - Prob. 3CSRCh. 4 - Prob. 4CSRCh. 4 - Prob. 5CSRCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - What is a ledger?Ch. 4 - What is posting?Ch. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - What is a compound journal entry?Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Compound journal entries. The following...Ch. 4 - Prob. 5ECh. 4 - Recording a correcting entry. On August 22, 2019,...Ch. 4 - Prob. 1PACh. 4 - On October 1, 2019, Helen Kennedy opened an...Ch. 4 - The following journal entries were prepared by an...Ch. 4 - Prob. 4PACh. 4 - Prob. 1PBCh. 4 - Prob. 2PBCh. 4 - Prob. 3PBCh. 4 - Prob. 4PBCh. 4 - Prob. 1CTPCh. 4 - Prob. 2CTPCh. 4 - Prob. 1MFCh. 4 - Prob. 2MFCh. 4 - Prob. 3MFCh. 4 - Prob. 4MFCh. 4 - Prob. 1ED
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