The ruling method can be used if an error is discovered before or after an entry...
The ruling method can be used if an error is discovered before or after an entry was posted. A line is drawn through the incorrect account title or amount and the correct account title or amount written immediately above. The person making the correction also includes his or her initials with the correction.
The correcting entry method is used if an error is discovered after an incorrectly journalized entry was posted. If the error consists of the wrong account(s), an entry is made to cancel out or reverse the incorrect account(s) and insert the correct account(s). The correcting entry must include an explanation.
On May 10, a $170 payment for Advertising Expense was incorrectly journalized and posted as a debit to Travel Expense for $170 and a credit to cash for $170. Provide the correcting entry following the one-step method.
| GENERAL JOURNAL | ||||
|---|---|---|---|---|
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT |
| 20-- | ||||
| May 10 | ||||
| To correct May 10 error in which incorrect expense was debited. | ||||
Homework Answers
| GENERAL JOURNAL | ||||
|---|---|---|---|---|
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT |
| 20-- | ||||
| May 10 | Advertising expense | $170 | ||
| Travel expense | $170 | |||
| To correct May 10 error in which incorrect expense was debited. | ||||
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The ruling method can be used if an error is discovered before
or after an entry...
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...
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,...
The manual ruling method of correcting errors can be used before or after an entry has...
The manual ruling method of correcting errors can be used before or after an entry has been posted. Select one: True False
Which of the following is correct? a.The correcting entry method can only be completed in two...
Which of the following is correct? a.The correcting entry method can only be completed in two steps. b.The manual ruling method can only be used to correct an error in the journal before posting. c.The manual ruling method can be used to correct an error in the ledger after an entry has been posted. d.All of these listed answers are correct.
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. Which one of the following entries would correct this error? Multiple Choice O Debt Office Supplies for $400 and credit Cash for $400. O Debit Office Supplies for 200 and credit Utilities Expense for $400 No correcting entry is needed Debt Office Supplies for $200 and credit U s Expense for $200 <...
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,...
Correct the errors by reversing the incorrect entry and preparing the correct entry. Question 2 View...
Correct the errors by reversing the incorrect entry
and preparing the correct entry.
Question 2 View Policies Current Attempt in Progress Wildhorse Company discovered the following errors made in January 2020. 1. Apayment of Salaries and Wages Expense of $300 was debited to Equipment and credited to Cash, both for $300. 2. A collection of $5,400 from a client on account was debited to Cash $540 and credited to Service Revenue $540. 3. The purchase of equipment on account for...
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...
Culver Company discovered the following errors made in January 2019. 1. A payment of Salaries and...
Culver Company discovered the following errors made in January
2019. 1. A payment of Salaries and Wages Expense of $580 was
debited to Equipment and credited to Cash, both for $580. 2. A
collection of $3,700 from a client on account was debited to Cash
$370 and credited to Service Revenue $370. 3. The purchase of
equipment on account for $730 was debited to Equipment $450 and
credited to Accounts Payable $450.
No. Account Titles and Explanation Credit Debit 580...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the...
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $362,000 cost of equipment purchased on January 1, 2018. The equipment’s life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required: 1. Determine the cumulative effect of the error on net income over the three-year period from 2018 through 2020, and on retained earnings by the end of 2020. 2. Prepare the correcting entry assuming the...
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...
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,...
The following error was discovered: Office supplies purchased for $200 was recorded by a debit to Utilities Expense for $200 and a credit to Cash for $200. Which one of the following entries would correct this error? Multiple Choice O Debt Office Supplies for $400 and credit Cash for $400. O Debit Office Supplies for 200 and credit Utilities Expense for $400 No correcting entry is needed Debt Office Supplies for $200 and credit U s Expense for $200 <...
Correct the errors by reversing the incorrect entry
and preparing the correct entry.
Question 2 View Policies Current Attempt in Progress Wildhorse Company discovered the following errors made in January 2020. 1. Apayment of Salaries and Wages Expense of $300 was debited to Equipment and credited to Cash, both for $300. 2. A collection of $5,400 from a client on account was debited to Cash $540 and credited to Service Revenue $540. 3. The purchase of equipment on account for...
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...
Culver Company discovered the following errors made in January
2019. 1. A payment of Salaries and Wages Expense of $580 was
debited to Equipment and credited to Cash, both for $580. 2. A
collection of $3,700 from a client on account was debited to Cash
$370 and credited to Service Revenue $370. 3. The purchase of
equipment on account for $730 was debited to Equipment $450 and
credited to Accounts Payable $450.
No. Account Titles and Explanation Credit Debit 580...
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