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Exercise 4-13 Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journaling transactions.
Exercise 4-13 Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journaling transactions. All entries were posted as made. 1. 2. 3. A payment on account of $840 to a creditor was debited to Accounts Payable $400 and credited to Cash $480. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. Exercise 4-14 The adjusted trial balance for Martell Bowling Alley at December 31, 2019, contains the following accounts. Debit Credit Buildings $128,800 Common Stock $90,000 Accounts Receivable 14,520 Retained Earnings 25,000 Prepaid Insurance 4,680 Accumulated Depreciation-Buildings 42,600 Cash 18,040 Accounts Payable 12,300 Equipment 62,400 Notes Payable 97,780 Land 67,000 Accumulated Depreciation-Equipment 18,720 780 Insurance Expense 2,600 Interest Payable 7,360 Depreciation Expense 17,180 Service Revenue Interest Expense 2,600 $306,180 $306,180 u mn that $22.000 of the note payable will be paid in 2020. (List Property, pla Exercise 4-13 Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journaling transactions. All entries were posted as made. 1. 2. 3. A payment on account of $840 to a creditor was debited to Accounts Payable $400 and credited to Cash $480. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. Exercise 4-14 The adjusted trial balance for Martell Bowling Alley at December 31, 2019, contains the following accounts. Debit Credit Buildings $128,800 Common Stock $90,000 Accounts Receivable 14,520 Retained Earnings 25,000 Prepaid Insurance 4,680 Accumulated Depreciation-Buildings 42,600 Cash 18,040 Accounts Payable 12,300 Equipment 62,400 Notes Payable 97,780 Land 67,000 Accumulated Depreciation-Equipment 18,720 780 Insurance Expense 2,600 Interest Payable 7,360 Depreciation Expense 17,180 Service Revenue Interest Expense 2,600 $306,180 $306,180 u mn that $22.000 of the note payable will be paid in 2020. (List Property, pla
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