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Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for
Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750. The purchase of a computer printer on account for $889 was recorded as a debit to Supplies for $889 and a credit to Accounts Payable for $889. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89. A payment of $70 for telephone charges was recorded as a debit to Office Expense for $70 and a debit to Cash for $70. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $714 was performed prior to June 30 (related to Unearned Service Revenue). A debit posting to Salaries and Wages Expense of $1,059 was omitted. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. A dividend of $964 was debited to Salaries and Wages Expense for $964 and credited to Cash for $964.
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