Question Help Raul Advertising creates, plans, and handles advertising campaign in a three-state area. Recently, Raul had to replace an inexperienced office worker in charge of bookkeeping because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction. E: (Click the icon to view the journal entries.) Read the requirements. | 10 16 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. The correct cash balance is $ Requirement 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $20,000? The correct amount of total assets is $ Requirement 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $16,000? The correct net income for May is $ . Choose from any list or enter any number in the input fields and then continue to the next question. Raul Advertising creates, plans, and handles advertising campaign in a three-state area. Recently, Raul had to replace an inexperienced office worker in charge of bookkeeping because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction. 2 (Click the icon to view the journal entries.) Read the requirements. Requirement 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. (If the error has no effect, select "Correct" and leave the amount cell blank.) Effect on Cash Effect on Total Assets Effect on Net Income Date May 1 Understated $ 900 Overstated $ 900 Overstated $ 900 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. Choose from any list or enter any number in the input fields and then continue to the next question. 16 25 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. The correct cash balance is $ . Requirement 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $20,000? The correct amount of total assets is $ Requirement 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $16,000? The correct net income for May is $ . Choose from any list or enter any number in the input fields and then continue to the next question. Date Credit Journal Entry Accounts and Explanations 1 Accounts Receivable Service Revenue Collected an account receivable. Debit 900 May 900 10,000 2 Rent Expense Cash Paid monthly rent, $1,000. 10,000 5 Cash 3,400 3,400 Accounts Receivable Collected cash for services provided. 4,100 10 Supplies Accounts Payable 4,100 Print Done Question Help Raul Advertising creates, plans, and handles advertising campaign in a three-state area. Recently, Raul had to replace an inexperienced office worker in charge of bookkeeping because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction. E: (Click the icon to view the journal entries.) Read the requirements. | 10 16 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. The correct cash balance is $ Requirement 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $20,000? The correct amount of total assets is $ Requirement 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $16,000? The correct net income for May is $ . Choose from any list or enter any number in the input fields and then continue to the next question. Raul Advertising creates, plans, and handles advertising campaign in a three-state area. Recently, Raul had to replace an inexperienced office worker in charge of bookkeeping because of some serious mistakes that had been uncovered in the accounting records. You have been hired to review these transactions to determine any corrections that might be necessary. In all cases, the bookkeeper made an accurate description of the transaction. 2 (Click the icon to view the journal entries.) Read the requirements. Requirement 1. For each of the preceding entries, indicate the effect of the error on cash, total assets, and net income. The answer for the first transaction has been provided as an example. (If the error has no effect, select "Correct" and leave the amount cell blank.) Effect on Cash Effect on Total Assets Effect on Net Income Date May 1 Understated $ 900 Overstated $ 900 Overstated $ 900 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. Choose from any list or enter any number in the input fields and then continue to the next question. 16 25 Requirement 2. What is the correct balance of cash if the balance of cash on the books before correcting the preceding transactions was $6,300. The correct cash balance is $ . Requirement 3. What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $20,000? The correct amount of total assets is $ Requirement 4. What is the correct net income for May if the reported income before correcting the preceding transactions was $16,000? The correct net income for May is $ . Choose from any list or enter any number in the input fields and then continue to the next question. Date Credit Journal Entry Accounts and Explanations 1 Accounts Receivable Service Revenue Collected an account receivable. Debit 900 May 900 10,000 2 Rent Expense Cash Paid monthly rent, $1,000. 10,000 5 Cash 3,400 3,400 Accounts Receivable Collected cash for services provided. 4,100 10 Supplies Accounts Payable 4,100 Print Done
