EX 2-21 Entries to correct errors The following errors took place in journalizing and posting transactions: Obj. 4 a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. Dividends of $10,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. Omit explanations. EX 2.13

EX 2-21 Entries to correct errors The following errors took place in journalizing and posting transactions: Obj. 4 a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. Dividends of $10,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. Omit explanations. EX 2.13

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 18CE: Cornerstone Exercise 4-18 Adjusting Entry from Bank Reconciliation A customer of Mutare paid for...

See similar textbooks

Similar questions

Cornerstone Exercise 4-18 Adjusting Entry from Bank Reconciliation A customer of Mutare paid for merchandise originally purchased on account with a check that has been erroneously entered into Mutares cash account for $570 (it actually has been issued and paid for $750). Required: Record the appropriate journal entry to correct the error.
8-To record uncollectible under the direct write off method the entry is a. Uncollectible Accounts Expense Dr. and Accounts Receivable Cr. b. Allowance for Doubtful Accounts Dr. and Uncollectible Accounts Expense Cr. c. Accounts Receivable Dr. and Uncollectible Accounts Expense Cr. d. Uncollectible Accounts Expense Dr. and Allowance for Doubtful Accounts Cr.
8 Book credit error of current month corrected in the same month shall be: Group of answer choices Added to receipts and added to ending cash balance. Deducted in receipts and deducted from ending cash balance. Deducted from disbursements and deducted from receipts. Deducted from disbursements and deducted from ending cash balance.
Question Content Area After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $702,763 and Allowance for Doubtful Accounts has a balance of $22,123. What is the net realizable value of the accounts receivable? a. $702,763 b. $680,640 c. $724,886 d. $22,123
Question 10 of 18 Which of the following increases the reported receivables in the financial statements? Select the correct response: a credit balance in an account payable offsetting a credit balance in an account receivable O adjustment to eliminate a debit balance in account payable a credit balance in an allowance account < Previous
Final) Chapters 8-9-10-11 & Ratios A Saved Help Total $ 600,000 1 to 30 $ 96,000 31 to 60 $ 42,000 Over 90 $ 36,000 61 to 90 Accounts receivable Percent uncollectible $ 402,000 $ 24,000 18 28 58 78 108 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $700 debit. Complete this question by entering your answers in the tabs below. Req A Reg B and C b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record…
19-Under allowance method,the journal entry to record uncollectible accounts expense is a. Dr. Accounts Receivable and Cr. Bad debts expense b. Dr. Allowance for Doubtful Accounts and Cr. Bad debts Expense c. Dr. Bad debts expense and Cr. Allowance for Doubtful Accounts d. Dr. Bad debts expense and Cr. Accounts Receivable
36- The journal entry to record uncollectible accounts expense under the allowance method is a. Uncollectible Accounts Expense Dr. and Accounts Receivable Cr. b. Accounts Receivable Dr. and Uncollectible Accounts Expense Cr. c. Uncollectible Accounts Expense Dr. and Allowance for Doubtful Accounts Cr. d. Allowance for Doubtful Accounts Dr. and Uncollectible Accounts Expense Cr.
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,037 and No. 5893 for $502. Check No. 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,000 9,915 11,479 19,564 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 09/05 09/12 09/21 09/25 09/30 09/30 5888 1,163 2,228 4,012 2,368 18 IN 1,037 781 5902 5901 1,900 670 NSF 936 378 2,097 264 1,852 5905 5903 5904 1,690 CM 5907 5909 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,163 2,228 4,012 2,368 1,660 21 30 11,431 Cash Payments Cash Check No. Credit 5901 1,900 781 5902 5903 5904 378 2,054 936 1,034 264 5905 5906 5907 5908 5909 391…
Mc Graw Hill Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 37,000 Accounts receivable Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. Total 0 $575,000 $ 397,000 c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using…
Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable $ Ending balance in Allowance for Doubtful Accounts $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit Answer
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.