raneCompany discovered the following errors made in January 2020.

1.A payment of Salaries and Wages Expense of $670was debited to Equipment and credited to Cash, both for $670.2.A collection of $5,700from a client on account was debited to Cash $570and credited to Service Revenue $570.3.The purchase of equipment on account for $210was debited to Equipment $660and credited to Accounts Payable $660.

(a)

• Your Answer
• Correct Answer

Correct answer icon

Your answer is correct.

Correct the errors by reversing the incorrect entry and preparing the correct entry.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.enter an account title to reverse the incorrect entry

enter a debit amount

enter a credit amount

enter an account title to reverse the incorrect entry

enter a debit amount

enter a credit amount

(To reverse the incorrect entry)

enter an account title to record the correct entry

enter a debit amount

enter a credit amount

enter an account title to record the correct entry

enter a debit amount

enter a credit amount

(To record the correct entry)

2.enter an account title to reverse the incorrect entry

enter a debit amount

enter a credit amount

enter an account title to reverse the incorrect entry

enter a debit amount

enter a credit amount

(To reverse the incorrect entry)

enter an account title to record the correct entry

enter a debit amount

enter a credit amount

enter an account title to record the correct entry

enter a debit amount

enter a credit amount

(To record the correct entry)

3.enter an account title to reverse the incorrect entry

enter a debit amount

enter a credit amount

enter an account title to reverse the incorrect entry

enter a debit amount

enter a credit amount

(To reverse the incorrect entry)

enter an account title to record the correct entry

enter a debit amount

enter a credit amount

enter an account title to record the correct entry

enter a debit amount

enter a credit amount

(To record the correct entry)

eTextbook and Media

List of Accounts

Attempts: 3 of 3 used

(b)

Correct the errors without reversing the incorrect entry.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

2.enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

3.enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount