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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

CORRECTING WORK SHEET WITH ERRORS A beginning accounting student tried to complete a work sheet for Joyce Lee’s Tax Service. The following adjusting entries were to have been analyzed and entered onto the work sheet. The work sheet is shown on page 167.

  1. (a) Ending inventory of supplies as of March 31, $160.
  2. (b) Unexpired insurance as of March 31, $520.
  3. (c) Depreciation of office equipment, $275.
  4. (d) Wages earned, but not paid as of March 31, $110.

REQUIRED

The accounting student made a number of errors. Review the work sheet for addition mistakes, transpositions, and other errors and make all necessary corrections.

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To determine

Provide the necessary corrections in the worksheet for the addition mistakes, transpositions and other errors made by the student.

Explanation

Spreadsheet:

A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

Provide the necessary corrections in the worksheet for the addition mistakes, transpositions and other errors made by the student...

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