User Account

All Pages

Question - Preparing the correcting entries

Assignment Help Accounting Basics
Reference no: EM132632495

Question - Preparing the correcting entries

Sheridan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.

1. A payment on account of $890 to a creditor was debited to Accounts Payable $510 and credited to Cash $510.

2. The purchase of supplies on account for $200 was debited to Equipment $20 and credited to Accounts Payable $20.

3. A $400 withdrawal of cash for N. Sheridan's personal use was debited to Salaries and Wages Expense $400 and credited to Cash $400.

Reference no: EM132632495

Questions Cloud

Calculate the expected return of the portfolio : Assume you are a portfolio manager at JS Global Capital Ltd. Recently you came across three attractive stocks and want to create a portfolio investment
Calculate the accounts payable balance : The company made purchases on account of $25,000 and made payments on account of $40,000. On April 30 calculate the accounts payable balance
How do charity care and bad-debt differ in both definition : How do charity care and bad-debt differ in both definition and how they are treated on financial statements? Explain.
What decision rule should be the primary decision method : What decision rule should be the primary decision method? Consider an investment that costs $10,000 and has a cash inflow of $25,000 every year for 5 years.
Question - Preparing the correcting entries : Preparing the correcting entries - A payment on account of $890 to a creditor was debited to Accounts Payable $510 and credited to Cash $510
Description of medicare and medicaid : Write a short description of Medicare and Medicaid. Talks about sensory, nervous, endocrine and immune systems
Determine the predetermined overhead rate for november : Determine the cash disbursements for manufacturing overhead for November. Determine the predetermined overhead rate for November.
Critical analysis of marketing theory concerning customer : Critically analysis in both theory and practice the concepts of customer satisfaction, loyalty, commitment; and the interplay between these important concepts
Greatest total amount of interest : A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 30 years.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the ending inventory cost

There are 80 units of the item in the physical inventory at December 31. Determine the ending inventory cost and the cost of goods sold by three methods

  What is burger queen operating leverage

Question - Burger Queen Restaurant had the following information available related to its operations from last year: What is Burger Queen's operating leverage

  Is Michael correct in his conclusion

Michael is the owner of several successful bars and restaurants in central Melbourne. Is Michael correct in his conclusion

  In order to assist the managers and board of management you

a.in order to assist the managers and board of management you are compiling a resource which will define the various

  How many units will gorfin need to sell for profit

If the price is changed, how many units will Gorfin need to sell for profit to remain the same as before the price change?

  Create a fictional budget for your family

The purpose of this assignment is to create a fictional budget for your family (sometime in the future) with the following guidelines. Your first task is to choose your status that you will have then (or have now if you like)

  Compute cash payments to suppliers

The comparative balance sheet for the year shows that inventory increased $17.2 million, compute cash payments to suppliers

  Prepare the necessary adjusting journal entries

A three year insurance policy was purchased on July 1, 2012, for $24000. Prepare the necessary adjusting journal entries

  Evaluate both the academics and finance managers claims

Critically evaluate both the academic's' and finance managers' claims and discuss your position with illustrative examples

  Explain legislation and statutory requirements

Question - Explain legislation and statutory requirements and industry codes of practice including(Australia): Consumer credit code

  Prepare cash receipts schedule

Prepare a sales budget for the 1st qtr of 2009. Determine the amount of sales revenue Dorough will report on the first 2009 qtrly pro forma income statement. Prepare a cash receipts schedule or the 1st qtr of 2009.

  The management of delta sugar company is considering

the management of delta sugar company is considering whether toprocess further raw sugar into refined sugar. refined

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