Case Study #1 - Journal Entries

a) An invoice for $10,000 that was entered into the system related to Tax Services - Advisory services was coded incorrectly to the Growth department instead of "Financial Operations." Please prepare a journal entry in the template below to reclassify the full amount out of Growth into "Financials Operations".

b) Accounting has decided to collapse account number 75705 Tax Services - Compliance into the account number 75710 Tax Services - Advisory. As a result of this, Accounting will need to zero out the balances in account number 75705 before disabling the account. Please prepare a journal entry in the template below to reclassify the entire balance for each department into account number 75710.

GL Balance Reference Dept Account Balance -- DR (CR) Dept # 26 75705 119,250.00 26 24 75705 (97,000.00) 24 Dept Name Business Operations & Analytics Executives - Finance Financial Operations IA / Operational Excellence 121 75705 121,585.00 121 121 75715 113,338.00 28 28 75010 75,000.00 29 Growth 29 75710 75,000.00 44 Hospitality 44 75705 (75,000.00) Account # Account Name 75705 Tax Services - Compliance 75710 Tax Services - Advisory 75715 Audit Services 75010 Airfare 75015 Lodging 76005 Office Rent GL Balance Reference Dept Account Balance -- DR (CR) Dept # 26 75705 119,250.00 26 24 75705 (97,000.00) 24 Dept Name Business Operations & Analytics Executives - Finance Financial Operations IA / Operational Excellence 121 75705 121,585.00 121 121 75715 113,338.00 28 28 75010 75,000.00 29 Growth 29 75710 75,000.00 44 Hospitality 44 75705 (75,000.00) Account # Account Name 75705 Tax Services - Compliance 75710 Tax Services - Advisory 75715 Audit Services 75010 Airfare 75015 Lodging 76005 Office Rent