Homework Answers
| Answer : Option b [ the erroneous entry may be combined with the correcting entry ] |
| Explanation : |
| When both parts i.e debit and credit of any entry is incorrect, then we have to reverse the entire entry and will have to pass correcting entry separately |
| But when only one part i.e. either debit or credit of any entry is incorrect, then we can combine the erroneous entry with the correcting entry. |
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Problem #2 of 15 1 When preparing correcting entries, O a. the erroneous entry must be...
Problem #4 of 15 Which of the following groups of accounts increase with debits? O a....
Problem #4 of 15 Which of the following groups of accounts increase with debits? O a. Cash, Accounts Payable, Miscellaneous Expense O b. Accounts Receivable, Land, Investments O c. Supplies, Common Stock, Supplies Expense Od. Wages Expense, Fees Earned, Land N 3 4 5 6 7 00 9 10 11 12
On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty:...
On December 31, the following data were accumulated for
preparing the adjusting entries for Flagship Realty:
•
The supplies account balance on December 31 is $1,585. The
supplies on hand on December 31 are $320.
•
The unearned rent account balance on December 31 is $10,350
representing the receipt of an advance payment on December 1 of
five months’ rent from tenants.
•
Wages accrued but not paid at December 31 are $3,710.
•
Fees earned but unbilled at December...
On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty:...
On December 31, the following data were accumulated for preparing the adjusting entries for Bellingham Realty: The supplies account balance on December 31 is $5,225. The supplies on hand on December 31 are $1,275. • The unearned rent account balance on December 31 is $5,700 representing the receipt of an advance payment on December 1 of four months’ rent from tenants. • Wages accrued but not paid at December 31 are $2,485. • Fees earned but unbilled at December 31...
Help Problem 2-7A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6...
Help Problem 2-7A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed the following transactions during May 2020: May 1 Invested $81,000 in cash and office equipment that had a fair value of $54,000 in the business. 1 Prepaid $16,200 cash for...
identifying transactions and preparing journal entries M2-15 Identifying Transactions and Preparing Journal Entries (LO 2-3] 75...
identifying transactions and preparing journal
entries
M2-15 Identifying Transactions and Preparing Journal Entries (LO 2-3] 75 points At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. eBook Print a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,000 worth of inventory from a publisher....
QUIZ 2 - CORRECTING ENTRIES The bookkeeper for Reagan Lawn Mowng Service made a number of...
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...
Problem #5 of 15 The T account for Unearned Rent appeared as follows after posting from...
Problem #5 of 15 The T account for Unearned Rent appeared as follows after posting from the journal: 1 Unearned Rent 23 Dec. 1 1,800 2 3 4 Which of the following is a correct statement about the journal entry that was posted? O a. The entry explanation likely read "Paid rent in advance." Ob. The account title should read Unearned Rent Receivable. OC. A "23" was entered in the Post. Ref. column of the journal. Od. The debit portion...
* Problem #4: Pivot the following matrix, 1-4 12 -4 -20 2 1 -2 -2 2...
* Problem #4: Pivot the following matrix, 1-4 12 -4 -20 2 1 -2 -2 2 1 2 4 Thira about the entry 011: ſi -3 1 5 1 [i -3 1 5 [i -3 1 51 [1 -3 1 5 1 (A) O 7 -4 -12 (B) O 7 -3 -12 (C) 0 7 -3 -9 ( D O 7 -4 -11 Lo 7 0 -6] LO 7 3 -3 ] [O 7 0 -3] LO 8 0 -6]...
Journalizing Adjusting Entries Journalize the following adjusting entries in the general journal below. 1. The supplies...
Journalizing Adjusting Entries
Journalize the following adjusting entries in the general journal
below. 1. The supplies expense for the month is $730. 2. The
insurance expense for the month is $680. 3. The depreciation
expense for delivery equipment is $200. 4. At the end of the month
$100 of wages is payable. If an amount box does not require an
entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE...
Problem 5-1B Preparing journal entries for merchandising activities-perpetual system P1 P2 Prepare journal entries to record...
Problem 5-1B Preparing journal entries for merchandising activities-perpetual system P1 P2 Prepare journal entries to record the following merchandising transactions of IKEA, which uses the perpetual inventory system and gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on May 2 in Accounts Payable-Havel. Purchased merchandise from Havel Co. for $10,000 uſder credit terms of 1/15, n/30, FOB shipping point, invoice May 2dated May 2. Sold merchandise to Rath Co. for $11,000...
Problem #4 of 15 Which of the following groups of accounts increase with debits? O a. Cash, Accounts Payable, Miscellaneous Expense O b. Accounts Receivable, Land, Investments O c. Supplies, Common Stock, Supplies Expense Od. Wages Expense, Fees Earned, Land N 3 4 5 6 7 00 9 10 11 12
On December 31, the following data were accumulated for
preparing the adjusting entries for Flagship Realty:
•
The supplies account balance on December 31 is $1,585. The
supplies on hand on December 31 are $320.
•
The unearned rent account balance on December 31 is $10,350
representing the receipt of an advance payment on December 1 of
five months’ rent from tenants.
•
Wages accrued but not paid at December 31 are $3,710.
•
Fees earned but unbilled at December...
Help Problem 2-7A Preparing and posting journal entries; preparing a trial balance LO3, 4, 5, 6 Elizabeth Wong has strong problem-solving skills and loves to work with people. After becoming a Certified Human Resources Professional (CHRP) and working for several companies, she opened her own business, HR Solutions. She completed the following transactions during May 2020: May 1 Invested $81,000 in cash and office equipment that had a fair value of $54,000 in the business. 1 Prepaid $16,200 cash for...
identifying transactions and preparing journal
entries
M2-15 Identifying Transactions and Preparing Journal Entries (LO 2-3] 75 points At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. eBook Print a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,000 worth of inventory from a publisher....
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...
Problem #5 of 15 The T account for Unearned Rent appeared as follows after posting from the journal: 1 Unearned Rent 23 Dec. 1 1,800 2 3 4 Which of the following is a correct statement about the journal entry that was posted? O a. The entry explanation likely read "Paid rent in advance." Ob. The account title should read Unearned Rent Receivable. OC. A "23" was entered in the Post. Ref. column of the journal. Od. The debit portion...
* Problem #4: Pivot the following matrix, 1-4 12 -4 -20 2 1 -2 -2 2 1 2 4 Thira about the entry 011: ſi -3 1 5 1 [i -3 1 5 [i -3 1 51 [1 -3 1 5 1 (A) O 7 -4 -12 (B) O 7 -3 -12 (C) 0 7 -3 -9 ( D O 7 -4 -11 Lo 7 0 -6] LO 7 3 -3 ] [O 7 0 -3] LO 8 0 -6]...
Journalizing Adjusting Entries
Journalize the following adjusting entries in the general journal
below. 1. The supplies expense for the month is $730. 2. The
insurance expense for the month is $680. 3. The depreciation
expense for delivery equipment is $200. 4. At the end of the month
$100 of wages is payable. If an amount box does not require an
entry, leave it blank.
If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE...
Problem 5-1B Preparing journal entries for merchandising activities-perpetual system P1 P2 Prepare journal entries to record the following merchandising transactions of IKEA, which uses the perpetual inventory system and gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on May 2 in Accounts Payable-Havel. Purchased merchandise from Havel Co. for $10,000 uſder credit terms of 1/15, n/30, FOB shipping point, invoice May 2dated May 2. Sold merchandise to Rath Co. for $11,000...
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