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please someone tell me if i did this right or wrong ACCT 1211: Accounting Question 2 (20 marks) Required: 1. Prepare a single journal entry,
please someone tell me if i did this right or wrong
ACCT 1211: Accounting Question 2 (20 marks) Required: 1. Prepare a single journal entry, with explanation, for each of the following transactions to correct the error made: A. Debited office furniture and credited accounts payable regarding a $6,000 purchase of computer equipment on account B. Accrued a $ 12,000 bonus by debiting salary expense and crediting accounts payable C. Adjusted prepaid advertising by debiting prepaid advertising and crediting advertising expense for $ 3,000. This adjusting journal entry should have debited advertising expense and credited prepaid advertising for $3,000 D. Debited accounts receivable and credited revenue $ 5,000 for work not yet performed. E. Debited amortization expense and credited computer equipment $ 4,000 when recording the amortization expense. 2. Prepare two journal entries, with explanation, for each of the above transactions to correct the CITO made. 826 words English (Canada) Focus E- AA A *** Parede A4-2 Assignment 4 Question 2 (20 marks) Solution if one adjusting journal entry is used. DATE Journal ACCOUNT TITLES AND EXPLANATIONS Computer Equipment alc To office furniture POST. REF. CREDIT DEBIT 6,000 (Computer Equipment asset created instead of Office Furniture) 12.000 Accounts Payable ale To Bonus Payable 12.000 (Bonus accrued liability created) Advertising Expense we To Prepaid Advertising (Advertising expense incorrect recorded now comected) Revenac To Accounts receivable Ci o ctly entry reversed ACCT 12.11. Account vao x x Ave Aa21 Styles Styles Sensitivity Create and Share Adobe PDF Pane 4,000 Depreciation Expense alc To Accumulated Depreciation Computer Equipment) (Actual entry passed) 4,000 4.000 Computer Equipmental To Amortization Expense (Error corrected) Solution if two adjusting journal entries are used. (Continued POST. REF DEBIT DATE CREDIT ACCOUNT TITLES AND Type EXPLANATIONS Reveal Accounts Payable Office Furniture Correction Computer equipment Accounts Payable Reversal Accounts payable Salaries Expense Correction Salaries Expense Salaries payable Reversal Advertising Expense Prepaid Advertising Correction Advertising Expense Prepaid Advertising 1111 Reversal Revenue Accounts Receivable al Computer guipment Focus 2 959 words English (United States) Step by Step Solution
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