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, was recorded as a debit to Salaries Expense of $500 and a credit to Cash of $500.
Prepare the correcting entries.
Homework Answers
Answers:
| Service Revenue | $ 750 | |
| To Customer | $ 750 | |
| Unearned Revenue | $ 600 | |
| To Service Revenue | $ 600 | |
| Roch Hébert Capital | $ 500 | |
| Salaries expense | $ 500 |
Explanation:
- Cash is recorded correctly. Service revenue has been creditred instead of customer. So, now, Service revenue is debited and customer account is credited to rectofy the transaction.
- Accounts receivable is recorded correctly. Unearned revenue has been credited instead of service revenue. So, now, unearned revenue is debited and service revenue is credited for rectification.
- Cash account is recorded correctly. Salaries expense is debited instead of Roch Hebert Capital. So, rectification passed accordingly.
In case of any doubt, please feel free to comment.
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