For each of the following incorrect entries, journalize the appropriate correcting entries. A. The investment by...
For each of the following incorrect entries, journalize the appropriate correcting entries.
A. The investment by owner of $20,000 was recorded as
Cash 20,000
.........................
Revenue 20,000
.........................
B. A payment on an accounts payable balance was made in full: $6,500. This was recorded as
Office supplies 6,500
.........................
Cash 6,500
.........................
C. The owner withdrew cash of $5,100. This was recorded as
Salaries Expense 5,100
.........................
Cash 5,100
.........................
D. $7,500 was received in advance for work that will be performed next month. This was recorded as
Cash 7,500
.........................
Revenue 7,500
.........................
Homework Answers
Solution:
A: Revenue...... 20000
Owners' Capital......20000
B: Accounts payable.....6500
Office supplies............6500
C: Owners' Drawings.......5100
Salaries expense..........5100
D: Revenue.........7500
Unearned revenue.....7500
Add Answer to:
For each of the following incorrect
entries, journalize the appropriate correcting entries.
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ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE
DETAILS
Required For each of the following incorrect entries, journalize the appropriate correcting entries. a. The investment by owner of €20,000 was recorded as Cash 20,000 Revenue 20,000 b. A payment on an accounts payable balance was made in full: €6,500. This was recorded as Office supplies 6,500 Cash 6,500 c. The owner withdrew cash of €5,100. This was recorded as Salaries Expense 5,100 Cash 5,100 d. €7,500 was received in advance...
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can you please mark the explanations while answering this
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2.
3.
etc
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Required:
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In need of assistance in journalizing these entries
correctly.
Journalize the following transactions in the general journal using the following blank form (make as many copies as needed). Each journal entry's debits should equal its credits. This is a fundamental GAAP that can't be violated. (Ajournal entry error, such as posting $1,010 instead of $1,100, can be corrected at the adjusting correcting journal entries step.) 2. a. On January 1, 2018, a payment in cash for $12,000 is made for...
can you please mark the explanations while answering this
practice problem?
1.
2.
3.
etc
Magness Delivery Service has completed closing entries and the accounting cycle for 2016. The business is now ready to record January 2017 transactions. Collected $1,000 cash from customer on account. 5 Purchased office supplies on account, $600. 12 Performed delivery services for a customer and received $2,000 cash. 15 Paid employee salary including the amount owed on December 31, $2,500. 18 Performed delivery services on...
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Required:
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) 1. 2. 3. 4. 5. The owner, Mai Li, invests $40,000 in cash in starting a real estate office operating as a sole proprietorship. Purchased $500 of...
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