User Account

All Pages

Prepare a correcting entry on december

Assignment Help Accounting Basics
Reference no: EM132202311

Question - Patterson Company has employed a bookkeeper who is inexperienced. On December 30, after reviewing the records for the year, you discover the following error.

On May 1, Patterson Company purchased Supplies on account, $510. The bookkeeper recorded this by debiting Supplies Expense for $150 and crediting Cash for $150.

Note: Assume that it is the company's policy to record the purchase of supplies in the Supplies account.

Required - Prepare a correcting entry on December 30. Make sure to enter the day for each separate transaction.

Reference no: EM132202311

Questions Cloud

Discharge their obligations under valid agreement : Ricardo and Sophia would like to discharge their obligations under a valid agreement they made a month ago,
Executive core qualification : The incumbent will have demonstrated experience in leading a large complex organization in farm related program formulation, execution,
Health maintenance organization : Use operations sequence analysis to determine a better layout that would minimize the walking distance between different areas in the clinic.
Discuss what the marketing mix : Discuss what the marketing mix is as well as why it is important to a business.
Prepare a correcting entry on december : On May 1, Patterson Company purchased Supplies on account, $510. Prepare a correcting entry on December 30
Pass the physical ability test sufficient justification : Was the fact that Deborah Merritt did not pass the physical ability test sufficient justification for firing her? Why or why not?
Core qualification involves the ability to build coalitions : Building Coalition: This core qualification involves the ability to build coalitions internally and with other Federal agencies, State and local governments,
Prepare the balance sheet after reconstruction : The arrear of preference dividend for the last three years are cancelled. Pass necessary journal entries and prepare the balance sheet after reconstruction
Toward meeting the organization vision-mission and goals : This a core qualification that involves the ability to lead people toward meeting the organization's vision, mission, and goals.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss relevant accounting principles

relevant accounting principles and speciafically consider the elements that make up the fraud offence

  Prepare army-navy surplus income statement for march 2011

army-navy surplus ltd. began march 2011 with 70 tents that cost 20 each. during the month army-navy surplus made the

  Company raw material inventory account

It's Kinda China produces collectible pieces of act. The company's Raw Material Inventory account includes the cost of both direct and indirect materials. Account balances for the company at the beginning and end of July 2008 follow:

  A company paid a dividend of 156 per share on its stock the

a company paid a dividend of 1.56 per share on its stock. the dividends are expected to grow at a constant rate of 8

  When frank withdrew from jones smith thomas and williams

when frank withdrew from jones smith thomas and williams llp he was paid 30000 although his capital account balance was

  What are the journal entries

On December 31, 2017 dieker company sells equipment to tabor inc for 125,000. What are the journal entries for dec 31, 2017

  Financial statement impacts of postponing purchase

Briefly discuss the financial statement impacts of postponing the purchase of the equipment. Would the market price of the firm's common stock be affected by any or all of these impacts?

  You are applying the scattergraph method and find that the

you are applying the scattergraph method and find that the regression line you have drawn passes through a data point

  Gaelic industries inc operating at full capacity sold 22350

gaelic industries inc. operating at full capacity sold 22350 units at a price of 150 per unit during 2010. its income

  The initial value of the machine

On December 31, 2016, Bart Inc. purchased a machine from Fell Corp. in exchange for a noninterest-bearing note requiring eight payments of $20,000.

  Crinks corporation uses direct labor-hours in its

crinks corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the

  The book value of a tangible asset is the difference

the book value of a tangible asset is the difference between the answer replacement cost of the asset and its

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd