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Prepare correcting journal entries

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Reference no: EM132957954

Problem 1: Prepare Correcting Journal Entries:

(a) Utility expense of $375 billed to be paid later was recorded as $537.

(b) An equipment was purchased on account for $800 but it was recorded against a cash payment of $300 and a liability of $500.

(c) Unearned Professional Fee of $650 was recorded as debit to accounts receivable and a credit to Professional Fee Revenue.

(d) Depreciation expense for equipment amounting $285 was correctly debited but wrongly credited to Equipment account.

(e) A repair and maintenance expense of $240 was mistakenly debited to Fuel expense as $420 debit and cash credit.

Reference no: EM132957954

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