contestada

The following errors took place in journalizing and posting transactions:
a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.
Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.

Respuesta :

Solution :

a).

Cash account drawn $ 17600

To the fees earned is $ 8800

To the account receivable is $ 8800

(It is now rectified, being wrong entry made earlier)

b).

The accounts payable Dr 1760

To the supplies expenses is $ 1760

To supplies account Dr is 1760

Cash $ 1760

(It is now rectified, being wrong entry made earlier)

Otras preguntas