The following errors took place in journalizing and posting transactions: (a) Advertising expense of $2,700 paid for
Question:
(a) Advertising expense of $2,700 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Advertising Expense.
(b) The payment of $3,950 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable.
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: 62% (16 reviews)
a Advertising Expense 2700 ...View the full answer
Answered By
Sumit kumar
I am an experienced online essay writer with a thorough understanding of any curriculum.and subject expert at Chegg for mathematics, CS subjects..
4.90+
5+ Reviews
13+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
The following errors took place in journalizing and posting transactions: 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...
-
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 supplies account had a beginning balance of $1,523. Supplies purchased during the period totaled $4,928. At the end of the period before adjustment, $382 of supplies were hand. Prepare the...
-
On August 31, 2017, Claresview Company had a cash balance per its books of $26,030. The bank statement on that date showed a balance of $17,100. A comparison of the bank statement with the Cash...
-
In the following figure, which point is representative of: (a) the economy on its LRAS curve, (b) the economy in a recessionary gap, and (c) the economy in an inflationary gap?
-
What financial effect will result if the hospital does not work toward those goals?
-
Keep Cool Industries, Inc., manufactures fans for personal use. Department 70 is responsible for assembling the fan. Department 71 packages them for shipment. Keep Cool recently produced 10,000 fans...
-
. 1) Assets are listed on the balance sheet in order of 1) A) decreasing liquidity. B) increasing size and relative life. C) decreasing size. D) relative life. 2) The difference between current...
-
Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory...
-
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be...
-
The following errors took place in journalizing and posting transactions: (a) The receipt of $5,800 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned....
-
Grizzly World Wide Inc. prides itself as being the world's leading marketer of Canadian branded non-athletic footwear. The following data (in millions) were taken from its annual report for the...
-
Use the following information to construct an income statement. Interest $228,673 Sales $5,618,587 Expense Cost of Depreciation Goods $3,041,669 $364,490 Expense Sold Other Operating $210,545 Flat...
-
B) Consider the below graph with '1' as the source vertex, Dijkstra's algorithm for single source shortest path is implemented to find the shortest path. There is a debate between 3 students: Aruna...
-
RFL versus Boxhouse - Seller's Information James Murphy, Sales Manager and Scott Campbell, Sales Representative for Boxhouse Ltd were developing a strategy for a negotiation session to be held with...
-
Many things affect the budget bottom line in the EVS area. Weather, flooding, power failures and of course as we have all seen Pandemics are just a few 'emergencies' that can change the bottom line....
-
Find the minimum cost of a rectangular box of volume 190 cm whose top and bottom cost 4 cents per cm and whose sides cost 2 cents per cm.
-
The blow down cock is fitted in a boiler because of (a) allowing steam to flow to turbine (b) allowing exhaust gases to go to chimney (c) removing sludge from the boiler (d) blowing air in the furnace
-
When a company has a contract involving multiple performance obligations, how must the company recognize revenue?
-
How many SCSI devices can be active after the arbitration phase has completed?
-
A summary of cash flows for Sunset Travel Service for the year ended April 30, 2014, is shown below. Cash receipts: Cash received from customers ........$1,500,000 Cash received from issuing capital...
-
A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2014, is shown below. Cash receipts: Cash received from customers ............$734,000 Cash received from issuing...
-
The following data were taken from Mesa Companys balance sheet: a. Compute the ratio of liabilities to stockholders equity. b. Has the creditors risk increased or decreased from December 31, 2013, to...
-
Ayayai Design Works generated $ 3 7 3 , 3 2 0 in operating income on sales revenue of $ 3 , 1 1 1 , 0 0 0 . The company had $ 2 , 1 8 0 , 0 0 0 in assets on January 1 and $ 2 , 9 2 0 , 0 0 0 in...
-
Myrna deposits $ 1 , 0 0 0 in a savings account. The money is left on deposit for 2 years earning 4 % compounded semiannually. Calculate the account balance at the end of 2 years. Do not round...
-
Please answer with reason for all why the option is correct and why the other options are incorrect,, Please help with this Accounting type Question: The current ratio is ratio between: A . Current...
Study smarter with the SolutionInn App