SOLUTION
S.No. | Accounts titles and Explanation | Debit ($) | Credit ($) |
1. | Accounts payable | 110 | |
Cash (690-580) | 110 | ||
(To record correcting entry for payment) | |||
2. | Supplies | 630 | |
Accounts payable | 630 | ||
(To record purchase of supplies) | |||
3. | L. Blossom's Drawings | 410 | |
Salaries expense | 410 | ||
(Correcting entry for drawings) | |||
4. | Service revenue | 700 | |
Accounts receivables | 700 | ||
(Correcting entry for collection from customer) | |||
5. | Unearned revenue | 350 | |
Service revenue | 350 | ||
(Correcting entry for service revenue) |
Blossom Company has an inexperienced accountant. During the first two weeks on the job, the accountant...
Crane Company has an inexperienced accountant. During the first two weeks on the job, the accountant made the following errors in journalizing transactions. All incorrect entries were posted. 1. A payment on account of $690 to a creditor was debited $590 to Accounts Payable and credited $590 to Cash. 2. The purchase of supplies on account for $620 was not recorded. 3. A $470 withdrawal of cash for L. Crane's personal use was debited $470 to Salaries Expense and credited...
Ayayai Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $790 to a creditor was debited to Accounts Payable $410 and credited to Cash $410. 2. The purchase of supplies on account for $900 was debited to Equipment $90 and credited to Accounts Payable $90. 3. A $200 cash dividend was debited to Salaries and...
Sheridan Company has an inexperienced accountant. During the first two weeks on the job, the accountant made the following errors in journalizing transactions. All incorrect entries were posted.1. Apoyment on account of $ 700 to a creditor was debited $ 610 to Accounts Payable and credited $ 610 to Cash.2. The purchase of supplies on account for $ 570 was not recorded,3. A $ 470 withdrawal of cash for L. Sheridan's personal use was debited $470 to Salaries Expense and...
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...
keenan company has an inexperienced accountant. during the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. all entries were postaed as made 1: a payment on account of $840 to a creditor was debited to accounts payable $480 and credited to cash $4802: the purchase of supplies on account for $560 was debited to equipment $56 and credited to accounts payable $563: a $500 cash dividend was debited to saleries and wages expense $500...
Exercise 5-11An inexperienced accountant for Larkspur, Inc. made the following errors in recording merchandising transactions.1.A $310 refund to a customer for faulty merchandise was debited to Sales Revenue $310 and credited to Cash $310.2.A $281 credit purchase of supplies was debited to Inventory $281 and credited to Cash $281.3.A $150 sales discount was debited to Sales Revenue.4.A cash payment of $41 for freight on merchandise purchases was debited to Freight-Out $410 and credited to Cash $410.Prepare separate correcting entries for...
Exercise 5-11An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions.1. A $ 195 refund to a customer for faulty merchandise was debited to Sales Revenue $ 195 and credited to Cash $ 195.2. A $ 180 credit purchase of supplies was debited to Inventory $ 180 and credited to Cash $ 180.3. A $ 215 sales discount was debited to Sales Revenue.4. A cash payment of $ 20 for freight on merchandise purchases was debited...
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...
Please Solve These Questions From E4-12 to E4-14 E4-12 Max Weinberg Company discovered the following errors made in January 2010. 1. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600. 2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100. 3. The purchase of equipment on account for $980 was debited to Equipment $890 and credited to Accounts Payable $890....
#1 #2 View Policies Current Attempt in Progress During 2022, Blossom Company entered into the following transactions. 1. 2. Purchased equipment for $323,340 cash. Issued common stock to investors for $139,300 cash. Purchased inventory of $71,720 on account. 3. Using the following tabular analysis, show the effect of each transaction on the accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the...