User Account

All Pages

Prepare correcting journal entries

Assignment Help Financial Accounting
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

Questions Cloud

Define create value with an example : Operations management (OM) is the set of activities that create value in the form of goods and services by transforming inputs into outputs
How can social media be used to attract new employees : How can social media be used to attract new employees.
High-performing team : How can a primary care physician office team become a high-performing team? What can make them so? or not? What recommendations can increase the probability tha
Explain the concept of the time value of money : Explain the concept of the time value of money and how it is related to the opportunity costs of a college education, both while attending college
Prepare correcting journal entries : Prepare Correcting Journal Entries. An equipment was purchased on account for $800 but it was recorded against a cash payment of $300 and a liability of $500.
Identify account that are affected and if trial balance : Identify the account(s) that are affected and if the trial balance would balance. A debit to Cash for $250 was posted as $2,500; the credit was posted correctly
Manager hot seat-virtual workplace : Advances in information technology have dramatically increased managers' abilities to communicate with others. Yet, these same increases have also given rise to
Compute for the net income : The gross sales reported to the franchisor for the months of Noveber and December is 450,000 and 600,000 respectively. Compute for the net income
Theories relating to communication in general : 1. Explain in detail how the theories relating to communication in general and more specifically to non-verbal communication, impact the effectiveness of electr

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the company new required rate of return

Risk aversion caused the market risk premium to rise by 2%. The risk-free rate and the firm's beta remain unchanged. What is the company's new required rate

  Calculate the cost of equity for MAD

Secondly, the cost of equity must also be identified. Calculate the cost of equity for MAD. Give your answer as a percentage per annum to 1 decimal place

  Calculate the revised budgeted depreciation charge

Prepare journal entries, with workings and narrations, to record the changes to the carrying value of the Stimela train and the related tax in the financial statements of Enjoy-SA for the year ended 28 February 2005.

  Prepare the journal entry for the transaction

A company traded Car A (with an original cost of $2,000, accumulated depreciation of $600, Prepare the journal entry for the transaction

  Interpret the decision in the context of the original claim

At 1% level of significance, is there enough evidence to support the analyst's claim? Interpret the decision in the context of the original claim

  How much principle did hank pay

What is the future value of a $500 annuity payment over eight years if interest rates are 14 per 14 percent? how much principle did Hank pay

  What is the present value of ordinary annuity

Question - What is the present value of a $15,000 ordinary annuity that earns 5% annually for an infinite number of periods

  Disclosed raw materials used in production

Carolina Plating Company reported a cost of goods manufactured of $520,000, with the firm's yearend balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials ..

  Find what is bad debt expense for smithson corporation

At 12/31/14, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2014?

  Identify possible ways that sl can account for investment

Based on the information provided, identify the possible ways that SL can account for its investment in LM in its own financial statements.

  Free trade credit firm receive during the yearfilbeck

free trade credit firm receive during the year.filbeck company buys on terms of 215 net 30 days. it does not take

  Determine the cost of the eight house contract

Determine the cost of the 8 house contract. Lawn & Order does landscaping for clients. Lawn & Order recently signed a landscaping

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