Question
Can you please out these Errors and Adjustings Enteries into Journal ENtriee, Thank you. Errors and Adjusting Entries Use the following information to record necessary
Can you please out these Errors and Adjustings Enteries into Journal ENtriee, Thank you.
Errors and Adjusting Entries Use the following information to record necessary end of period journal entries:
A man came into Cutting Edge on 31 March 2020 to pay for repairs to his mower which he will bring in later. He paid $2,500 cash. The mower was arranged to be delivered to Cutting Edge on 10 April, 2020.
Repair services of $6,250 were provided on 31 March 2020 but have not yet been recorded in the transactions. Payment has not yet been received.
Billy-Bob did a count of the stock on hand of Workshop Supplies. He realised that only $5,500 of Workshop Supplies were used in March, instead of $7,000 as recorded on 31 March 2020 (in Practice Set 2).
Jimmy-James last wages payment was on Friday 20 March. The next $1,000 fortnightly payment is on Friday 3 April. Jimmy-James only works Monday to Friday, being 10 days per fortnight.
Annual insurance of $1,200 was paid on 1 February and recorded in the Prepaid Insurance account.
From all sources of revenue (Sales Revenue and Service Revenue), $70,730 was cash sales.
Add any other necessary adjusting entries based on the information provided under the accounting policies and procedures.
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