Homework Answers
| No | Account titles and Explanation | Debit | Credit |
| 1. | Service Revenue | $800 | |
| Accounts Receivable | $800 | ||
| 2. | Accounts Payable | $390 | |
| Supplies | $390 | ||
| ($1,550 - $1,160) |
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At Monty Company, the following errors were discovered after the transactions had been journalized and posted....
At Hébert Company, the following errors were discovered after the transactions had been journalized and posted:...
At Hébert Company, the following errors were discovered after the transactions had been journalized and posted: 1.A collection of cash on account from a customer for $750 was recorded as a debit to Cash of $750 and a credit to Service Revenue of $750. 2.An invoice to a customer for $600 of services on account was recorded as a $600 debit to Accounts Receivable and a $600 credit to Unearned Revenue. 3.A $500 cash payment to the owner, Roch Hébert,...
Help needed please. The ledger of Rios Company contains the following balances: Retained Earnings $30,000; Dividends...
Help needed please.
The ledger of Rios Company contains the following balances: Retained Earnings $30,000; Dividends $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To dose expense accounts) Dec. 31 (To close net incomel (loss)) Dec. 31 (To close...
Exercise 4-12 Andrew Clark Company discovered the following errors made in January 2015. 1. 2. 3....
Exercise 4-12 Andrew Clark Company discovered the following errors made in January 2015. 1. 2. 3. A payment of Salaries and Wages Expense of $808 was debited to Equipment and credited to Cash, both for $808. A collection of $5,610 from a client on account was debited to Cash $561 and credited to Service Revenue $561. The purchase of equipment on account for $730 was debited to Equipment $370 and credited to Accounts Payable $370. Correct the errors by reversing...
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees...
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees to repurchase this equipment from Sandhill on June 30, 2021, for a price of $66,780 (an imputed interest rate of 6%). Prepare the journal entry for Monty for the receipt of cash from Sandhill on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Oriole Company has an inexperienced accountant. During the first month on the job, the accountant made...
Oriole Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200. 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800. 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and...
4-4 APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were...
4-4 APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were already journalized and posted Transactions: Apr. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00. M66 5. Discovered that a cash investment by Manuel Ricardo, owner, was journalized and posted in error as a credit to Sales instead of Manuel Ricardo, Capital, $600.00. M67. Instructions: Journalize each correcting...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees to repurchase this equipment from Enyart on June 30. 2021, for a price of $43,870 (an imputed interest rate of 7% ) Prepare the journal entry for Monty for the transfer of the asset to Enyart on July 1, 2020. (Creditoccount titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry"for the account...
Exercise 5-11 An inexperienced accountant for Wildhorse Co. made the following errors in recording merchandising transactions....
Exercise 5-11 An inexperienced accountant for Wildhorse Co. made the following errors in recording merchandising transactions. 1. A $320 refund to a customer for faulty merchandise was debited to Sales Revenue $320 and credited to Cash $320. 2. A $191 credit purchase of supplies was debited to Inventory $191 and credited to Cash $191. 3. A $270 sales discount was debited to Sales Revenue. 4. A cash payment of $21 for freight on merchandise purchases was debited to Freight-Out $210...
Prepare the necessary correcting entry for each of the following. (Credit account titles are automatically indented...
Prepare the necessary
correcting entry for each of the following. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.) a. A payment on account of $840 was debited to
Accounts Payable $480 and credited to Cash $480. b. The collection
of Accounts Receivable of $680 was recorded as a debit to Cash $680
and a credit to Service Revenue $680.
Question 6 Prepare the necessary correcting entry for each of the following. (Credit account...
I need the full solution please APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered...
I need the full solution please
APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were already journalized and 4-4 posted. Transactions: Apr. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00. M66. 5. Discovered that a cash investment by Manuel Ricardo, owner, was journalized and posted in error as a credit to Sales instead of Manuel Ricardo, Capital,...
Help needed please.
The ledger of Rios Company contains the following balances: Retained Earnings $30,000; Dividends $2,000; Service Revenue $50,000; Salaries and Wages Expense $27,000; and Supplies Expense $7,000. Prepare the closing entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To close revenue account) Dec. 31 (To dose expense accounts) Dec. 31 (To close net incomel (loss)) Dec. 31 (To close...
Exercise 4-12 Andrew Clark Company discovered the following errors made in January 2015. 1. 2. 3. A payment of Salaries and Wages Expense of $808 was debited to Equipment and credited to Cash, both for $808. A collection of $5,610 from a client on account was debited to Cash $561 and credited to Service Revenue $561. The purchase of equipment on account for $730 was debited to Equipment $370 and credited to Accounts Payable $370. Correct the errors by reversing...
Monty Corp. sells idle machinery to Sandhill Company on July 1, 2020, for $63,000. Monty agrees to repurchase this equipment from Sandhill on June 30, 2021, for a price of $66,780 (an imputed interest rate of 6%). Prepare the journal entry for Monty for the receipt of cash from Sandhill on July 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account...
Oriole Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. The purchase of supplies for $760 cash was debited to Equipment $200 and credited to Cash $200. 2. A $530 dividend was debited to Salaries and Wages Expense $800 and credited to Cash $800. 3. A payment on account of $700 to a creditor was debited to Accounts Payable $230 and...
4-4 APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were already journalized and posted Transactions: Apr. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00. M66 5. Discovered that a cash investment by Manuel Ricardo, owner, was journalized and posted in error as a credit to Sales instead of Manuel Ricardo, Capital, $600.00. M67. Instructions: Journalize each correcting...
Monty Corp. sells idle machinery to Enyart Company on July 1, 2020, for $41,000. Monty agrees to repurchase this equipment from Enyart on June 30. 2021, for a price of $43,870 (an imputed interest rate of 7% ) Prepare the journal entry for Monty for the transfer of the asset to Enyart on July 1, 2020. (Creditoccount titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No entry"for the account...
Prepare the necessary
correcting entry for each of the following. (Credit account titles
are automatically indented when the amount is entered. Do not
indent manually.) a. A payment on account of $840 was debited to
Accounts Payable $480 and credited to Cash $480. b. The collection
of Accounts Receivable of $680 was recorded as a debit to Cash $680
and a credit to Service Revenue $680.
Question 6 Prepare the necessary correcting entry for each of the following. (Credit account...
I need the full solution please
APPLICATION PROBLEM Journalizing correcting entries The following errors were discovered after the incorrect entries were already journalized and 4-4 posted. Transactions: Apr. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $265.00. M66. 5. Discovered that a cash investment by Manuel Ricardo, owner, was journalized and posted in error as a credit to Sales instead of Manuel Ricardo, Capital,...
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