Question

QUIZ 2 - CORRECTING ENTRIES The bookkeeper for Reagan Lawn Mowng Service made a number of errors in journalizing and posting as described below 1. A credit posting to accounts payable for $500 was omitted. 2. Collection from customers on account for $600 was debited to accounts receivable I 3. A debit to accounts receivable for $650 was posted as $605. 4. A cash purchase of equipment for $693 was journalized as a debit to equipment and a credit to notes payable. The credit posting was made for $699 5. Purchase of supplies of $1,100 was credited to supplies 6. A debit to repairs expense for $491 was posted as $591 7. A credit posting for accounts payable for $1,100 was made twice 8. A cash purchase of supplies for $700 was journalized and posted as a debit to supplies for $900 and a credit to cash for $900 Instructions: Journalise the correcting entries MacBook > < 19 OOD S. A $ 4 % 5 & 7 9 6 8 O U

Answer 1

No	General Journal	Debit	Credit
1	Suspense A/c	500
	Accounts Payable		500
2	Cash	1,200
	Accounts Receivable		1,200
3	Accounts Receivable	45
	Suspense A/c		45
4	Notes Payable	6
	Suspense A/c		6
5	Supplies	2,200
	Suspense		2,200
6	Suspense	100
	Repairs Expense		100
7	Accounts Payable	1,100
	Suspense		1,100
8	Cash	200
	Supplies		200