Adjusting entries
Show the journal entries needed to correct the following errors:
(a) Purchases £1,410 on credit from A. Ray had been entered in B. Roy's account.
(b) A cheque of £94 paid for printing had been entered in the cash column of the cash book instead of in the bank column.
(c) Sale of goods £734 on credit to D. Rolls had been entered in error in D. Rollo's account.
(d) Purchase of goods on credit L. Hand £819 entered in the correct accounts in error as £891.
(e) Cash paid to G. Boyd £64 entered on the debit side of the cash book and the credit side of G. Boyd's account. (f) A sale of fittings £320 had been entered in the Sales account.
(g) Cash withdrawn from bank £200 had been entered in the cash column on the credit side of the cash book, and in the bank column on the debit side.
(h) Purchase of goods £1,182 has been entered in error in the Furnishings account.
Homework Answers
326A Journal entries to correct the following are required, but the narratives can be omitted. pletely...
326A Journal entries to correct the following are required, but the narratives can be omitted. pletely omitted from sith nor ratio e) Rent Received £430 have been credited to the Commissions Received account. b) Bank charges £34 have been debited to the Business Rates account. (d Completely omitted from the books is a payment of Motor Expenses by cheque £37. (d) A purchase of a fax machine £242 has been entered in the Purchases account. le) Returns inwards £216 have...
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Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are...
Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent many Date Account Titles and Explanation Debit Credit Nov. 30 (To correct error in recording) (To record collection of note receivable and interest by the bank) (To record check printing charges) The Oriole Boat Company's bank statement for the month of November showed a balance per bank of $8.600. The company's Cash account in...
Question 4 On 31* December 2019 Oklu's cash book showed a debit balance of Ghc14,760. His...
Question 4 On 31* December 2019 Oklu's cash book showed a debit balance of Ghc14,760. His bank statement showed a balance of Ghc13,250. The reason for the difference is as follows: a. A cheques of Ghc980 was received and entered in the cash book but not recorded in the bank statement b. Unpresented cheque totaling Ghc1,870 C. The payment side of the cash book had been undercast by Ghc1,000 d. Standing order Ghc630 had not been entered in the cash...
Mandy prepared a trial balance from his ledger on 31 December 2016. The debit column total was $150 500 whereas the cre...
Mandy prepared a trial balance from his ledger on 31 December 2016. The debit column total was $150 500 whereas the credit column total was $148 500. The difference was placed in a suspense account. He discovered the following errors in his books: 1. An invoice for $4000 sent to White, a credit customer had been completely omitted from the books. 2. A page from the Sales day book sub-totaling $15200 has been incorrectly carried forward as $12500 3. The...
Business Course Return to course O n 6 incomplete er Marked out of 5.00 Flag question Journal Entries for Credit...
Business Course Return to course O n 6 incomplete er Marked out of 5.00 Flag question Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books Accounts Receivable $140,000 Debit Allowance for Doubtful Accounts S R.000 Credit During the year, credit sales were $1,173,000 and collections on account were $1,125.000 54.000 The following transactions, among others, occurred during the year Feb 17 wrote of Lowe's account May 28 Wrote of...
On extracting a trial balance, the accountant of Extra Consult discovered a suspense account with a...
On extracting a trial balance, the accountant of Extra Consult discovered a suspense account with a debit balance of $1,075 included therein; she also found that the debits exceeded the credits by $957. She posted this difference to the suspense account and then investigated the situation. She discovered: (1) A debit balance of $75 on the postage account had been incorrectly extracted on the list of balances as $750 debit. (2) A payment of $500 to a credit supplier, X,...
Brandy prepared column total was $79 500 whereas the credit column total was $78 500. The difference was placed in a s...
Brandy prepared column total was $79 500 whereas the credit column total was $78 500. The difference was placed in a suspense account. He discovered the following a trial balance from his ledger on 31 December 2016. The debit errors in his books: An invoice for $4000 sent to Green, a credit customer had been completely omitted from the books. 1 A page from the Sales day book sub-totaling $25200 has been incorrectly carried forward as $22500. 2. The purchase...
P8-2A. Journal Entries for Credit Losses At the beginning of the year, Portal Company had the...
P8-2A. Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books: Accounts Receivable...……………………………………………………………$140,000 (debit) Allowances for doubtful accounts...………………………………………………$8,000 (credit) During the year, credit sales were 1,173,000 and collections on account wee $1,175,000. The following transactions, among others, occurred during the year: Feb. an 17 wrote off R. Lowell's account $4,000. May 28 wrote off G. Boyd's account, $3,400. Oct. 13 Received $600 from G. Boyd, who is in bankruptcy proceedings,...
please help me do all question , i need it by 5 PM 2. Given the...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
326A Journal entries to correct the following are required, but the narratives can be omitted. pletely omitted from sith nor ratio e) Rent Received £430 have been credited to the Commissions Received account. b) Bank charges £34 have been debited to the Business Rates account. (d Completely omitted from the books is a payment of Motor Expenses by cheque £37. (d) A purchase of a fax machine £242 has been entered in the Purchases account. le) Returns inwards £216 have...
Journal Entries for Credit Losses At the beginning of the year, Whitney Company had the following accounts on its books: Accounts Receivable $142,000 Debit Allowance for Doubtful Accounts $9,900 Credit During the year, credit sales were: $1,193,000 and collections on account were: $1,170,000 The following transactions, among others, occurred during the year: $3,800 $2,600 Feb.17 Wrote off R. Lowell's account, May.28 Wrote off G. Boyd's account, Oct.13 Received $800 from G. Boyd, who is in bankruptcy proceedings, in final settlement...
Prepare any adjusting entries necessary as a result of the bank reconciliation. (Credit account titles are automatically indented when the amount is entered. Do not indent many Date Account Titles and Explanation Debit Credit Nov. 30 (To correct error in recording) (To record collection of note receivable and interest by the bank) (To record check printing charges) The Oriole Boat Company's bank statement for the month of November showed a balance per bank of $8.600. The company's Cash account in...
Question 4 On 31* December 2019 Oklu's cash book showed a debit balance of Ghc14,760. His bank statement showed a balance of Ghc13,250. The reason for the difference is as follows: a. A cheques of Ghc980 was received and entered in the cash book but not recorded in the bank statement b. Unpresented cheque totaling Ghc1,870 C. The payment side of the cash book had been undercast by Ghc1,000 d. Standing order Ghc630 had not been entered in the cash...
Mandy prepared a trial balance from his ledger on 31 December 2016. The debit column total was $150 500 whereas the credit column total was $148 500. The difference was placed in a suspense account. He discovered the following errors in his books: 1. An invoice for $4000 sent to White, a credit customer had been completely omitted from the books. 2. A page from the Sales day book sub-totaling $15200 has been incorrectly carried forward as $12500 3. The...
Business Course Return to course O n 6 incomplete er Marked out of 5.00 Flag question Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books Accounts Receivable $140,000 Debit Allowance for Doubtful Accounts S R.000 Credit During the year, credit sales were $1,173,000 and collections on account were $1,125.000 54.000 The following transactions, among others, occurred during the year Feb 17 wrote of Lowe's account May 28 Wrote of...
Brandy prepared column total was $79 500 whereas the credit column total was $78 500. The difference was placed in a suspense account. He discovered the following a trial balance from his ledger on 31 December 2016. The debit errors in his books: An invoice for $4000 sent to Green, a credit customer had been completely omitted from the books. 1 A page from the Sales day book sub-totaling $25200 has been incorrectly carried forward as $22500. 2. The purchase...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
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