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On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $8,400 for services rendered
On March 1, it was discovered that the following errors took place in journalizing and posting transactions:
a. | The receipt of $8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. |
b. | The purchase of supplies of $2,500 on account was recorded as a debit to Office Equipment and a credit to Supplies. |
Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.
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PAGE 1
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
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