Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help where the ??? are placed Swifty Company discovered the following errors made in January 2022. 1. A payment of Salaries and Wages

I need help where the ??? are placed

Swifty Company discovered the following errors made in January 2022.

1.

A payment of Salaries and Wages Expense of $500 was debited to Equipment and credited to Cash, both for $500.

2.

A collection of $1,500 from a client on account was debited to Cash $150 and credited to Service Revenue $150.

3.

The purchase of equipment on account for $920 was debited to Equipment $290 and credited to Accounts Payable $290.

Correct the errors without reversing the incorrect entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

Salaries and Wages Expense

500

enter a credit amount

Equipment

enter a debit amount

500

2.

Service Revenue

150

enter a credit amount

Cash

???

enter a credit amount

Accounts Receivable

enter a debit amount

1500

3.

Equipment

???

enter a credit amount

Accounts Payable

enter a debit amount

???

I need help where the ??? are placed

I would appreciate a timely response

Thank You

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comprehensive Assurance & Systems Tool

Authors: Laura R. Ingraham, Greg Jenkins

4th Edition

0134790472, 9780134790473

More Books

Students also viewed these Accounting questions

Question

understand what working means to workers;

Answered: 1 week ago