osted. Prepare the correcting entries. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750. repare the current assets section of a balance sheet.

osted. Prepare the correcting entries. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,570 was recorded as a debit to Supplies $1,750 and a credit to Accounts Payable $1,750. repare the current assets section of a balance sheet.

Name: ecting entries.BE4.9 (LO 3), AP At Creighton Company, the following e
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Description: ecting entries.BE4.9 (LO 3), AP At Creighton Company, the following errors were discovered after the transactions had been journalized andposted. Prepare the correcting entries.1. A collection on account from a customer for $870 was recorded as a de

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1CP

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In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?
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The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418
Which of the following errors would be detected by a trial balance? Group of answer choices The cashier pocketed the cash from a cash sale and did not record it on the register A cash sale was recorded in the sales account as $548 instead of $584 but was correctly recorded in the bank account Supplies purchased on credit were recorded as a debit to the plant and equipment account and a credit to the accounts payable account Staff wages were recorded as office expenses
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An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries
Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
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13. On September 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on September I to record the write-off assuming the company uses the allowance method? a. Debit Bad Debts Expense $2.300; credit Accounts Receivable S2,300. b. Debit Allowance for Doubtful Accounts S2.300; credit Bad Debts Expense $2,300. c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300. d. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. 14. The direct write-off method a. Complies with the matching principle b. Is acceptable from a theoretical point of view c. Is only acceptable if bad debts are small, insignificant amounts d. Is the primary method used to recognize Bad Debt Expense 15. When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would a. Increase net income b. Increase Allowance for Bad Debts c.…
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