The following errors took place in journalizing and posting transactions: a. A withdrawal of $20,000 by Joel
Question:
a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.
b. Rent of $3,600 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.
Journalize the entries to correct the errors. Omit explanations.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 38% (13 reviews)
a Joel Goodson Dr...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
The following errors took place in journalizing and posting transactions: a. A $940 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. b. Cash...
-
The following errors took place in journalizing and posting transactions: a. Cash of $3,750 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,500 purchase of...
-
The following errors took place in journalizing and posting transactions: a. The payment of $3,125 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. b....
-
The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows. The bank statement contained two memoranda: 1. A credit of $5,285 for the collection of a $5,140...
-
What publication of the Internal Revenue Service provides information about the current federal income tax rates and the procedures that employers should use to withhold federal income tax from an...
-
Rhode Island was the last of the 13 colonies to ratify the Constitution. Using the Internet and the library, determine what caused them to pause for so long. Write a one-page paper summarizing your...
-
Redesign and implementation of accounting and reporting systems to incorporate environmental and ecological considerations faces a number of practical considerations. List and rank four of these...
-
You have estimated the following probability distributions of expected future returns for Stocks X and Y: a. What is the expected rate of return for Stock X? Stock Y? b. What is the standard...
-
What does it mean to you to be 'Information System literate'? Why is selecting a systems development approach an essential business decision? Who should participate in the selection process? If you...
-
Harris Co. is a niche furniture manufacturer and retailer who operates mostly in the southeastern U.S. A partial trial balance showing Harris equity, revenue and expense balances as of its December...
-
Identify the errors in the following trial balance. All accounts have normalbalances. Hybrid Co. Unadjusted Trial Balance For the Month Ending October 31, 2008 Credit Balances Debit Balances 22,500...
-
Hannah Knox, an architect, opened an office on July 1, 2008. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal...
-
Yahoo! Finance provides considerable data that can be used for technical analysis. Short interest ratios are found in the Statistics table for each stock. You can also prepare charts of moving...
-
Which is true if the clowns database exists and contains an empty clowns table? A. The code compiles and prints 0 without error. B. The code compiles and prints 1 without error. C. The code does not...
-
Given the following two classes, what change to the StealSecret class would allow it to read and email the password to a hacker? A. There are no changes, as the Secret class is secure. B. Override...
-
Suppose we have a peacocks table with two columns: name and rating. What does the following code output if the table is empty? A. false B. true C. The code does not compile due to line s1. D. The...
-
Why is a journal referred to as the book of original entry?
-
Which of these statements is false? A. Assets = Liabilities + Equity B. Assets Liabilities = Equity C. Liabilities Equity = Assets D. Liabilities = Assets Equity
-
Discuss the potential role of each of the factors listed in (a) through (g) on the steady-state level of output per worker. In each case, indicate whether the effect is through \(A\), through \(K\),...
-
The following selected information was taken from Sun Valley Citys general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019: Revenues:...
-
A person does not have to retreat to his or her own home before resorting to force to repel an attack. True/False
-
(Comprehensive Income) Roxanne Carter Corporation reported the following for 2004: net sales $1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized...
-
(Comprehensive Income) C. Reither Co. reports the following information for 2004: sales revenue $700,000; cost of goods sold $500,000; operating expenses $80,000; and an unrealized holding loss on...
-
(Various Reporting Formats) The following information was taken from the records of Roland Carlson Inc. for the year 2004. Income tax applicable to income from continuing operations $187,000; income...
-
A refiner has on hand 25,596 gallons of fuel oil. He must decide whether to sell it as fuel oil or crack it into gasoline and residual fuel. The following facts are available. Current Prices Fuel Oil...
-
Hrubec Products, Inc., operates a Pulp Division that manufactures wood pulp for use in the production of various paper goods. Revenue and costs associated with a ton of pulp follow: Selling price $23...
-
On the first day of the fiscal year, a company issues a $7,300,000, 11%, 8-year bond that pays semiannual interest of $401,500 ($7,300,000 x 11% x 2), receiving cash of $7,695,578. Journalize the...
Study smarter with the SolutionInn App