The following journal entries were prepared by an employee of Global Marketing Company who does not have
Question:
INSTRUCTIONS
Examine the journal entries carefully to locate the errors. Provide a brief written description of each error. Assume that Office Equipment and Office Supplies were recorded at the correct values.
Analyze: After the correcting journal entries have been posted, what effect do the corrections have on the companys reportedassets?
Transcribed Image Text:
GENERAL JOURNAL PAGE 3 POST REF DATE DESCAIPTION DEBIT CREDIT 2016 Apri 1 Accounts Payable 12 400 00 Fees Income 12 400 00 Performed services on credit 2 Cash 500 00 Telephone Expense 51010-00 Paid for March telephone service, Check 1917 Office Equipment Office Suppbes 72 00 00 800 00 се Cash 8 400 00 Purchased file cabinet and office supplies, Check 1918
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April 1 The debit should be to Accounts Receivable not Accounts Payable April 2 The ...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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