Prepare the two journal entries to make the correction

Assignment Help Financial Accounting
Reference no: EM133379736

Question: George was having a bad day. He was checking his work and discovered that instead of recording the payment of Telephone Expense in the amount of ?$989 to the right? account, he had instead debited Salaries Expense by ?$898. George is unsure how to fix it. Prepare the two journal entries to make the correction on December 22.

Reference no: EM133379736

Questions Cloud

Identify tax issues related to each of three alternatives : which charges 7% interest on car loans. Identify the tax issues related to each of the three alternatives Mason and Margaret are considering
Describe the marketing mix that calgary co-op is using : Using examples from the case to support your answer, describe the marketing mix that Calgary Co-op is using with this new product Calgary Co-op debuts carbon
Define the term learning climate : Define the term "learning climate" what can organizations do to create and support a healthy learning climate?
How much am i going to have to add monthly to my investment : As a 25-year-old, I have set a goal of being a millionaire by the time I am 55. At the age of 25 I have invested $10,000 in the stock market and historically
Prepare the two journal entries to make the correction : George is unsure how to fix it. Prepare the two journal entries to make the correction on December 22 - he had instead debited Salaries Expense by ?$898
Profit margin return on owners capital current : Profit Margin Return on owners capital Current Ratio Quick Ratio Inventory Turnover The following information relates to the business of Colossus Bakery
What do you see a differentiation in your organization : During the pandemic, did any of your systems move from just being purchasers to the area of procurement? If so, did it lead to any lasting changings
Illustrates the debate of federalism : Select a current issue [from the last six months] that illustrates the balance of power between levels of government and illustrates the debate of federalism.
Chart listing the control weaknesses in the current system : chart listing the control weaknesses in the current system, along with the fraud that could occur with the weakness, and a solution to the weakness

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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