Question
1.Create a single journal entry, with explanation, for each of the following transactions to correct the error made: A.Debited office furniture and credited accounts payable
1.Create a single journal entry, with explanation, for each of the following transactions to correct the error made:
A.Debited office furniture and credited accounts payable regarding a $ 6,000 purchase of computer equipment on account.
B.Accrued a $ 12,000 bonus by debiting salary expense and crediting accounts payable.
C.Adjusted prepaid advertising by debiting prepaid advertising and crediting advertising expense for $ 3,000. This adjusting journal entry should have debited advertising expense and credited prepaid advertising for $ 3,000.
D.Debited accounts receivable and credited revenue $ 5,000 for work not yet performed.
E.Debited amortization expense and credited computer equipment $ 4,000 when recording the amortization expense.
2.Prepare two journal entries, with explanation, for each of the above transactions to correct the error made.
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