Exercises -correcting entries You, CPA, have been asked by client Jeff Pine to review his accounting records and prepare the financial statements for his business. You have reviewed the records and found that the bookkeeper has made multiple errors. Prepare the correcting entry for each of the following errors: 1. The company received a $940 check from a customer for the balance due. The transaction was recorded as a debit to Cash $490 and a credit to Service Revenue $490. - Service Revenve 1190 Cash Account Recesvable ao 2. The company paid $530 on account to a creditor. The transaction was erroneously recorded as a debit to Cash of $350 and a credit to Accounts Receivable, $350. 530 350 180 Tronsposit:On Error ccounts Receivable 180 18 0 Cash A payment on account of $500 was debited to Accounts Payable $550 and credited to Cash $550 3. A c c ounts Payabie so Co sh A purchase of supplies on account for $1,000 was recorded as a debit to Equipment and a credit to Accounts Payable. 4. 1000 u:pment When making the entry to record the year's depreciation expense, the bookkeeper debited Accumulated Depreciation for $1,000 and credited Cash for $1,000. 5. Cash Depreciation Expens e 1ooo ccumulated Deprecsotion 2000 6. When accruing interest on a note payable, the bookkeeper debited Interest Receivable for $200 and credited Interest Payable for $200. InterestExpense 200 Interest Recevable200 A bill for $840 for Office Supplies purchased on account was debited to Office Equipment, $84 and credited to Accounts Payable $84 7. Office supples % 8. The company collected $830 of fees in advance. The transaction was recorded as a debit to Unearned Revenue for $830 and a credit to Cash for $830. Cash 3o Untarned Aevenve s30