Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Instruction The following errors took place in journalizing and posting transactions: a. Dividends of $5,000 were recorded as a debit to Office Expense and a
Instruction The following errors took place in journalizing and posting transactions: a. Dividends of $5,000 were recorded as a debit to Office Expense and a credit to Cash. b. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned. Required Journalize the entries to correct the errors. Refer to the Chart of Accounts for exact wording of account titles. The follo CHART OF ACCOUNTS . General Ledger b. ASSETS REVENUE RI 11 Cash 41 Fees Eamed Ja 12 Accounts Receivable EXPENSES 13 Supplies 14 Prepaid Insurance 15 Land 51 Office Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 16 Office Equipment 17 Building 18 Truck 59 Miscellaneous Expense LIABILITIES 21 Accounts Payable 22 Uneamed Revenue 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends All work saved Chart of Accounts General Journal Journalize the entries to correct the errors on December 31. Refer to the Chart of Accounts for exact wording of account sites. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DENT CREDIT LITES EQUITY 2 3 4
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started