During the current financial year, the owner of Omega Enterprises withdrew supplies of $2,000 for personal...
During the current financial year, the owner of Omega Enterprises withdrew supplies of $2,000 for personal use. The accountant debited Rent Expense for $2,000 and credited Supplies for $2,000. This error in the journal will result in: Group of answer choices the understatement of Net Income. the understatement of Supplies. the understatement of Total Owner's Equity. the overstatement of Supplies. the understatement of Rent Expenses. Please explain
Homework Answers
Journal entry should be :
| Date | account and explanation | Debit | Credit |
| Owner's withdrawal | 2000 | ||
| Supplies | 2000 | ||
When accountant Do debited rent expense and credited supplies so it means rent expense is wrong under this entry.
So answer is a) Understatement of net income
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During the current financial year, the owner of Omega
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On June 1 of the current year, Pamela Schatz established a
business to manage rental property. She completed the following
transactions during June:
Opened a business bank account with a deposit of $55,000 from
personal funds.
Purchased office supplies on account, $3,300.
Received cash from fees earned for managing rental property,
$18,300.
Paid rent on office and equipment for the month, $8,300.
Paid creditors on account, $2,290.
Billed customers for fees earned for managing rental property,
$30,800.
Paid automobile...
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