Journalize correcting entries for errors


Response to the following problem:

Journalize correcting entries for each of the following errors and include a brief explanation.

a. A cash purchase of office equipment for $680 was journalized as a cash purchase of store equipment for $680. (Use the ruling method; assume that the entry has not been posted.)

b. An entry for a $180 payment for office supplies was journalized as $810. (Use the ruling method; assume that the entry has not been posted.)

c. A $620 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction.)

d. A $750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as $660. (Use the correcting entry method to journalize the correction.)

 

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Accounting Basics: Journalize correcting entries for errors
Reference No:- TGS02127733

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