Prepare a correcting entry for each of the following accounting errors: sheet (Obj. 5, 6) a. Debited

Question:

Prepare a correcting entry for each of the following accounting errors: sheet

(Obj. 5, 6)

a. Debited Supplies and credited Accounts Payable for a \(\$ 2,900\) purchase of office equipment on account.

b. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for \(\$ 900\). This adjusting entry should have debited Rent Expense and credited Prepaid Rent for \(\$ 900\).

c. Debited Salary Expense and credited Cash to accrue salary expense of \(\$ 900\).

d. Recorded the earning of \(\$ 3,200\) service revenue collected in advance by debiting Accounts Receivable and crediting Service Revenue.

e. Accrued interest revenue of \(\$ 800\) by a debit to Accounts Receivable and a credit to Interest Revenue.

f. Recorded a \(\$ 600\) cash purchase of supplies by debiting Supplies and crediting Accounts Correcting accounting errors

(Obj. 4) Payable.

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Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780133118209

2nd Edition

Authors: Charles T. Horngren, Jr. Harrison, Walter T.

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