After extracting a trial balance,and preparation of income statement, Ralph discovered the following errors in his double-entry

Fantastic news! We've Found the answer you've been seeking!

Question:

After extracting a trial balance,and preparation of income statement, Ralph discovered the following errors in his double-entry system:

1Rent 200 has been entered in the rates account.

2The wages account has been undercast by 400.

3Payment made to Tom 146 entered in cash book but not in Tom's account.

4Payment for insurance 273 debited in cash book and credited to insurance account.

a)Prepare journal entries showing the corrections necessary to correct the errors

Posted Date: Jun 14, 2024 03:47 AM

See More Questions

Prepare journal entries for each transaction listed in M5-5.
Nombre Company management predicts $ 390,000 of variable costs, $ 430,000 of fixed costs, and a pretax income of $ 155,000 in the next period. Management also predicts that the contribution margin...
Redux Ltd. estimates its quarterly inventory by the retail inventory method. The following data are available for the quarter ended 30 September 20X6: Cost Selling Price Inventory, 1 July 20X6 $...
Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $1.60 per gram. Budgeted production...
Discuss a plan to maintain a climate of excellent customer service in your organization. How will you monitor progress and sustainability?
What mechanisms do you employ to ensure ethical integrity in your decision-making processes, and how do you balance profit motives with social and environmental responsibilities ?
What is a brand in marketing? Does it bring the loyalty? what does a brand name mean to people? What could it mean to people in the target audiance?
Briefly describe the Journey to Excellence Model and the role of quality (and sustainability) in the journey to excellence.
how to explain the three demand management methodsthat you believe are the most effective are Anticipation inventory, workforce adjustment and subcontractors.
Cullumber Manufacturing uses a process costing system. Information regarding units processed and processing costs for the Packaging Department for the most recent period are given below: Percentage...

After extracting a trial balance,and preparation of income statement, Ralph discovered the following errors in his double-entry

Question:

Expert Answer:

Students also viewed these accounting questions