Question 1 Not yet answered Marked out of 1.00 P Flag quest Which one of the following is a contra revenue account? O Purchase discount O Purchase returns and allowances O Freight in O Sales returns and allowances P Flag question The bookkeeper omitted to record the payment of utilities OMR 150. The correcting entry is O No Entry Required O Utilities Expense Cash 300 300 O Cash 150 Utilities Expense 150 150 o Utilities Expense Cash 150 Previous page E question A newly hired accountant made the following error. IDENTIFY the type of error made and provide the necessary correcting, entry for the following transaction Aug. 31. At the end of the accounting period, prepaid rent OMR 4,800 for the next 2 years was incorrectly charged entirely to rent expense. Type of error Correcting entry Previous page Next page Cash payment of OMR 1,000 for utilities expense was incorrectly recorded as OMR 100. The correcting is O Utilities Expense Cash 900 900 o utilities Expense Cash 1.100 1.100 900 O Cash Utilities Expense 900 o Cash 1.100 Utilities Expense 100 Previous page A newly hired accountant made the following error. IDENTIFY the type of error made and provide the necessary correcting entry for the following transaction. Aug. 5 An internal audit reveals that Supplies Expense is understated, and Repairs Expense is overstated by the same amount OMR 1,000. Type of error Correcting entry Previous page Next page Pla question The company collected OMR 500 from Customer Ali on account but it was erroneously credited to the account of Customer Fahad. The correcting entry is O cash 500 Accounts Receivable - Fahad 500 Accounts Receivable - Fahad 500 Accounts Receivable Ali 500 bo 0 Accounts Receivable - Ali 500 Accounts Receivable - Fahad 500 kcash 500 Accounts Receivable - Ali 500 Next page Previous page Not yet awered Marked out of 1.00 5 P Flag question The journal entry required to record purchases of Inventory for cash is 1 12 O Debit Inventory and credit Accounts Payable O Debit Accounts Payable and credit Inventory 18 O Debit Cash and credit Inventory 3 24 O Debit Inventory and credit Cash 30 36 Previous page