Entries to Correct Errors
The following errors took place in journalizing and posting transactions:
a. Cash of $4,530 received on account was recorded as a debit to Fees Earned and a credit to Cash.
Prepare the entry to reverse the original entry first.
b. A $700 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note:
Jnormalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
No. | Account titles and explanation | Debit | Credit |
a) | Cash (4530+4530) | $9060 | |
Fees earned | $4530 | ||
Accounts receivable | $4530 | ||
(To record correcting entry) | |||
b) | Accounts payable | $700 | |
Supplies expense | $700 | ||
(To record the reverse of the original entry) | |||
Supplies | $700 | ||
Cash | $700 | ||
(To record correcting entry) |
SOLUTION :
a.
Explanation :
First reverse the wrong entries of debit to supply and credit to A R :
Date Account Debit Credit
Xxxx Cash $4,530
Fees earned $4,530
(Reversal of wrong entries)
Explanation :
Then, enter correct entries as under :
Cash 4,530
Fees earned 4,530
(Posting of correct entries)
b.
Explanation :
First reverse the wrong entries :
Date Account Debit Credit
Xxxx Accounts payable $700
Supplies Expenses $700
(Reversal of wrong entries)
Explanation :
Make correct entries :
Supplies Expenses 700
Cash 700
(Entry of correct entries for purchase of supplies on cash)
The following errors took place in journalizing and posting transactions:
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