4-3 Application Problem: Journalizing correcting entries and correcting posting errors L07, 8 The following errors were...

Transcribed Image Text:

4-3 Application Problem: Journalizing correcting entries and correcting posting errors L07, 8 The following errors were discovered after the incorrect entries were already journalized and posted. Transactions: Aug. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $530.00. M66. 5. Discovered that a cash investment by Vivian Lynum, owner, was journalized and posted in error as a credit to Sales instead of Vivian Lynum, Capital, $1,200.00. M67. Instructions: 1. Journalize each correcting entry discovered during August of the current year. Use page 15 of the journal given in the Working Papers. 2. It was also discovered that two posting errors were made in the Supplies account. The July 6 entry amount should have been $360.00. The July 30 entry included a credit to the Supplies account for $140.00 that should have been a debit. Using the account provided in the Working Papers and the information given, correct the two posting errors. 4-3 Application Problem: Journalizing correcting entries and correcting posting errors L07, 8 The following errors were discovered after the incorrect entries were already journalized and posted. Transactions: Aug. 1. Discovered that a transaction for utilities expense was journalized and posted in error as a debit to Repairs Expense instead of Utilities Expense, $530.00. M66. 5. Discovered that a cash investment by Vivian Lynum, owner, was journalized and posted in error as a credit to Sales instead of Vivian Lynum, Capital, $1,200.00. M67. Instructions: 1. Journalize each correcting entry discovered during August of the current year. Use page 15 of the journal given in the Working Papers. 2. It was also discovered that two posting errors were made in the Supplies account. The July 6 entry amount should have been $360.00. The July 30 entry included a credit to the Supplies account for $140.00 that should have been a debit. Using the account provided in the Working Papers and the information given, correct the two posting errors.