As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts....
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake. What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?
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As the full-time bookkeeper, your job is to make any corrections
to the general ledger accounts....
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts....
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the...
Decisions, Decisions As the full charge bookkeeper, your job is to make any corrections to the...
Decisions, Decisions As the full charge bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. Louisa has come to you for help. For the third time this month, she has recorded a cash receipt twice. She wants you to record a correcting entry that will reverse her mistakes. The correcting entry she wants you to...
ethical disccusion
As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.Mesia has come to you for help. For the third time this month, she has recorded a cash receipt twice. She wants you to record a correcting entry that will reverse her mistakes. The correcting entry she wants you to make will record a...
As the full-time bookkeeper, your job is to make sure all transactions are recorded properly. If...
As the full-time bookkeeper, your job is to make sure all transactions are recorded properly. If there is an error, each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. 1. What are some examples of transactions that would need to be recorded or journalized? 2. Can you provide an example of a transaction and the journal entry from either Chapter 4 of our textbook or from your current employer? 3. Why...
Revenue and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers Transactions related to revenue and...
Revenue and Cash Receipts Journals; Accounts Receivable subsidiary and General Ledgers Transactions related to revenue and cash receipts completed by Affiliate Engineering Services during the period June 2–30 are as follows: June 2. Issued Invoice No. 717 to Yee Co., $2,210. 3. Received cash from Auto-Flex Co. for the balance owed on its account. 7. Issued Invoice No. 718 to Cooper Development Co., $1,040. 10. Issued Invoice No. 719 to Ridge Communities, $4,390. Post revenue and collections to the accounts...
Following is a complete list of accounts and account balances that appear in the general ledger...
Following is a complete list of accounts and account balances that appear in the general ledger as of August 1, 2020 for Flourish and Botts, Co. bookstore. Assume all accounts have their normal debit or credit balance. Account: Amount: Account: Amount: Cash $9,021 Common Stock $84 Accounts Receivable (A/R) $13,992 Additional Paid-In Capital $6,408 Inventory $4,033 Retained Earnings $7,220 Prepaid Rent $200 Sales Revenue $0 Equipment $7,200 Cost of Goods Sold $0 Accumulated Depreciation-Equipment $800 Wages Expense $0 Accounts Payable...
A Requirements - X 1. For each of the preceding entries, indicate the effect of the...
A Requirements - X 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. Date Effect on Cash Effect on Total Assets Effect on Net Income May 1 Understated $ 300 Overstated $ 300 Overstated $ 300 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Cred...
On January 1, 2018, the general ledger of Freedom Fireworks includes the following account balances: Accounts Debit Credit Cash $ 101,400 Accounts Receivable 34,400 Inventory 152,200 Land 69,300 Buildings 122,000 Allowance for Uncollectible Accounts $ 2,000 Accumulated Depreciation 9,800 Accounts Payable 19,900 Bonds Payable 122,000 Discount on Bonds Payable 30,200 Common Stock 202,000 Retained Earnings 153,800 Totals $ 509,500 $ 509,500 During January 2018, the following transactions occur: January 1 Borrow $102,000 from Captive Credit Corporation. The installment note bears...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 42,800 44,700 7,600 65,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 9, 100 14,700 11,000 81,000 44,300 $160,100 $160,100 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Debit $ 43,900 Credit Accounts Cash 46,900 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable 8,700 76,000 $ 10,200 15,800 Common Stock, $1 par value Additional Paid-in Capital 12,000 92,000 Retained Earnings 45,500 $175,500 $175,500 Totals During January 2021, the following transactions occur: 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000 January 9 Provide services to customers on...
Decisions, Decisions As the full charge bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. Louisa has come to you for help. For the third time this month, she has recorded a cash receipt twice. She wants you to record a correcting entry that will reverse her mistakes. The correcting entry she wants you to...
A Requirements - X 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. Date Effect on Cash Effect on Total Assets Effect on Net Income May 1 Understated $ 300 Overstated $ 300 Overstated $ 300 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Credit Debit $ 42,800 44,700 7,600 65,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Common Stock, $1 par value Additional Paid-in Capital Retained Earnings Totals $ 9, 100 14,700 11,000 81,000 44,300 $160,100 $160,100 During January 2021, the following transactions occur: January 2 Issue an additional 2,000 shares of $1 par value common stock for $40,000. January 9 Provide services to...
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances: Debit $ 43,900 Credit Accounts Cash 46,900 Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable 8,700 76,000 $ 10,200 15,800 Common Stock, $1 par value Additional Paid-in Capital 12,000 92,000 Retained Earnings 45,500 $175,500 $175,500 Totals During January 2021, the following transactions occur: 2 Issue an additional 2,100 shares of $1 par value common stock for $42,000 January 9 Provide services to customers on...
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