Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following errors were discovered in May 2021 by the controller for Caribbean Networks: * Routine maintenance expenses costing $600 to service the office computer

image text in transcribed
image text in transcribed
image text in transcribed
The following errors were discovered in May 2021 by the controller for Caribbean Networks: * Routine maintenance expenses costing $600 to service the office computer equipment was recorded as a debit to Computer Equipment and a credit to Cash. What will be the correcting entries required on May 31, 2021? O a. Debit Maintenance expenses $600; Credit Cash $600 O b. Debit Maintenance expenses $600; Credit Computer equipment $600 O c. Debit Computer equipment $600; Credit Cash $600 O d. Debit Maintenance expenses $600; Credit Accounts payable $600 The following errors were discovered in May 2021 by the controller for Caribbean Networks: * Caribbean collected $6,000 of the account due from a client. This transaction was recorded as a debit to Cash and a credit to Communication Revenue. What will be the correcting entries required on May 31, 2021? . Debit Communication revenue $6000; Credit Accounts receivable $6000 Ob. Debit Accounts receivable $6000; Credit Communication revenue $6000 c. Debit Cash $6000; Credit Accounts receivable $6000 O d. Debit Communication revenue $6000; Credit Accounts payable $6000 The following errors were discovered in May 2021 by the controller for Caribbean Networks: * On May 19, cash of $12,000 was received in advance by a client. Cash was debited and Communications Revenue was credited for $12,000. What will be the correcting entries required on May 31, 2021? O a. Debit Unearned revenue $12,000; Credit Communication revenue $12,000 O b. Debit Communication revenue $12,000; Credit Accounts receivable $12,000 Oc. Debit Communication revenue $12,000; Credit Accounts payable $12,000 O d. Debit Communication revenue $12,000; Credit Unearned revenue $12,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions