M$7\_$CorrectingErrors.pdf

$\frac{7}{7}$

$100\%$

Part B: Journalizing

Review Forwarding Procedures and then examine the ledger cards provided with this assignment. Prepare the new ledger card by carrying forward all necessary data. Save the file as LedgerCard$\_$YourName.

$5$ marks

Read the list of accounting errors below carefully and prepare only the correcting journal entry on the blank journal page provided. Use the current date on the journal. You do not have to include any explanations. Save the file as

$5$ marks

JournalPage$\_$YourName.

a$.$ $$2000$ paid for the purchase of a printer $($Office Equipment$)$ was erroneously posted to the Supplies account.

b$.$ The owner invests $$5000$; bank is credited, and capital is debited.

c$.$ $$975$ cash paid for supplies was posted to supplies as $$957($the incorrect amount was also posted to bank$).$

d$.$ A $$200$ cash receipt from A$/$R J$.$ Stevens was never recorded.

e$.$ A $$400$ cash payment for car repairs was recorded as a $$40$ debit to automobile expense and a $$40$ credit to cash.

Submit all three assignment files to the dropbox.