Ask Question
20 November, 11:52

On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $8,400 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. b. The purchase of supplies of $2,500 on account was recorded as a debit to Office Equipment and a credit to Supplies. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (b). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.

+1
Answers (1)
  1. 20 November, 15:21
    0
    The Journal Entry is given below:-

    a. Cash Dr, 8400

    Accounts receivable 8400

    (Being the Cash received)

    b. Supplies Dr, 2500

    Office equipment 2500

    (Being the reserve entry is recorded)

    Supplies Dr, 2500

    Accounts payable 2500

    (Being the supply is purchased)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. The receipt of $8,400 for ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers