At Sandhill Company, the following errors were discovered after
the transactions had been journalized and posted....
At Sandhill Company, the following errors were discovered after
the transactions had been journalized and posted.
1.
A collection on account from a customer for $930 was recorded
as a debit to Cash $930 and a credit to Service Revenue $930.
2.
The purchase of store supplies on account for $1,580 was
recorded as a debit to Supplies $1,190 and a credit to Accounts
Payable $1,190.
Prepare the correcting entries. (Credit account titles
are automatically indented when amount is entered....
At Westglow Company,
the following errors were discovered after the transactions had
been journalized and posted....
At Westglow Company,
the following errors were discovered after the transactions had
been journalized and posted.
Prepare the
necessary correcting entry for each of the following.
a. A collection on
account of $500 was debited to Cash $500 and credited to Service
Revenue $500.
b. The purchase of
supplies on account for $1,250 was recorded as a debit to Supplies
for $1,550 and a credit to Accounts Payable for
$1,550.
PLEASE EXPLAIN IN
DETAIL.
The following trial balance of Headland Co. does not
balance.
HEADLAND CO.
TRIAL BALANCE
JUNE 30,...
The following trial balance of Headland Co. does not
balance.
HEADLAND CO.
TRIAL BALANCE
JUNE 30, 2017
Debit
Credit
Cash
$3,003
Accounts Receivable
$3,364
Supplies
933
Equipment
3,933
Accounts Payable
2,799
Unearned Service Revenue
1,333
Common Stock
6,133
Retained Earnings
3,133
Service Revenue
2,513
Salaries and Wages Expense
3,533
Office Expense
1,073
Totals
$14,169
$17,581
Each of the listed accounts should have a normal balance per the
general ledger. An examination of the ledger and journal reveals
the following errors....
On March 1, it was discovered that the following errors took
place in journalizing and posting...
On March 1, it was discovered that the following errors took
place in journalizing and posting transactions:
a.
Rent Expense of $4,750 paid for the
current month was recorded as a debit to Miscellaneous Expense and
a credit to Rent Expense.
b.
The payment of $4,100 from a
customer on account was recorded as a debit to Cash and a credit to
Accounts Payable.
Journalize the entries on March 1 to correct the errors. Use two
entries to correct the...
During a maternity leave of the full-time bookkeeper, a
temporary employee was involved in the following...
During a maternity leave of the full-time bookkeeper, a
temporary employee was involved in the following
transactions.
1.
A payment by cheque for $420 to a repair shop for fixing the truck
was debited to the Vehicles account and a credit to Cash.
2.
A deposit for a collection on account of $1,190 was debited to Cash
and credited to Service Revenue.
3.
A cheque for $560 to pay for advertising expense was recorded as a
Debit to Rent Expense...
Katie Long owns and operates KL Company. Transactions for the
month of March have been posted...
Katie Long owns and operates KL Company. Transactions for the
month of March have been posted to the T accounts. An intern has
prepared a trial balance from the T accounts, but there seem to be
some errors.
Required:
1.
In the Transactions panel,
descriptions of the transactions for the month of March are
provided. Each of the transactions in the Transactions panel has
been posted to the T accounts. Referring to the T accounts, select
the date on which...
The adjusted trial balance columns of the worksheet for Oriole
Company are as follows.
ORIOLE COMPANY...
The adjusted trial balance columns of the worksheet for Oriole
Company are as follows.
ORIOLE COMPANY
Worksheet (partial)
For the Month Ended April 30, 2020
Adjusted Trial Balance
Account Titles
Dr.
Cr.
Cash
11,500
Accounts Receivable
8,000
Prepaid Rent
2,500
Equipment
23,000
Accumulated Depreciation—Equip.
4,700
Notes Payable
5,500
Accounts Payable
5,300
Owner’s Capital
29,340
Owner’s Drawings
3,400
Service Revenue
15,900
Salaries and Wages Expense
10,900
Rent Expense
800
Depreciation Expense
640
Interest Expense
80
Interest Payable
80
Totals
60,820...
The adjusted trial balance for Oriole Company is given
below.
ORIOLE
COMPANY
Trial Balance
August 31,...
The adjusted trial balance for Oriole Company is given
below.
ORIOLE
COMPANY
Trial Balance
August 31, 2022
Before
Adjustment
After
Adjustment
Dr.
Cr.
Dr.
Cr.
Cash
$11,640
$11,640
Accounts Receivable
8,440
8,940
Supplies
2,930
1,370
Prepaid Insurance
4,250
2,860
Equipment
16,000
16,000
Accumulated Depreciation—Equipment
$3,600
$4,800
Accounts Payable
5,870
5,870
Salaries and Wages Payable
0
1,140
Unearned Rent Revenue
1,920
1,080
Common Stock
18,220
18,220
Retained Earnings
5,700
5,700
Dividends
2,600
2,600
Service Revenue
34,240
34,740
Rent Revenue
13,720
14,560...
Exercise 7-15
On August 31, 2021, Sheridan Company had a cash balance per its
books of...
Exercise 7-15
On August 31, 2021, Sheridan Company had a cash balance per its
books of $26,660. The bank statement on that date showed a balance
of $17,760. A comparison of the bank statement with the Cash
account revealed the following.
1.
The August 31 deposit of $17,050 was not included on the August
bank statement.
2.
The bank statement shows that Sheridan received EFT deposits
from customers on account totalling $2,420 in August. Sheridan has
not recorded any of...