College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
CORRECTING WORK SHEET WITH ERRORS A beginning accounting student tried to complete a work sheet for Dick Ady’s Bookkeeping Service. The following adjusting entries were to have been analyzed and entered in the work sheet:
(a) Ending inventory of supplies on July 31, $130.
(b) Unexpired insurance on July 31, $420.
(c) Depreciation of office equipment, $325.
(d) Wages earned, but not paid as of July 31, $95.
REQUIRED
Review the work sheet shown on page 174 for addition mistakes, transpositions, and other errors and make all necessary corrections.
Provide the necessary corrections in the worksheet for the addition mistakes, transpositions and other errors made by the student.
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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