Journalizing and posting transactions

Assignment Help Accounting Basics
Reference no: EM13152461

The following errors took place in journalizing and posting transactions:

a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.

b. Rent of $3,600 paid for the current month was recorded as a debit to Rent Expense and
a credit to Prepaid Rent.

Journalize the entries to correct the errors. Omit explanations.

Reference no: EM13152461

Questions Cloud

Unit cost for the direct materials : What is the unit cost for the direct materials for 19x1, assuming direct materials cost is for the production of 507,000 units? A. $3.20 b. $3.80 c. $4.00 d. $4.32 128.
Exiles or emigrants or expatriates : Write an explanation to this quote "it may be that writers in my position, exiles or emigrants or expatriates, are haynted by some sense of loss, some urge to reclaim, to look back, even at the risk of being mutated into pillars of salt" Salman Rushd..
Two basic methods of accounting : What are the two basic methods of accounting that may be used by taxpayers? How do the two basic methods differ?
What is the molecular weight of the unknown solid : a student titrates 0.738 grams of an unknown solid, weak acid with 0.1027 Molarity NaOH. What is the molecular weight of the unknown solid, weak acid?
Journalizing and posting transactions : The following errors took place in journalizing and posting transactions: a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.
What is the mass of cu can be produced : Consider the reaction Cu2S + O2 → 2Cu + SO2. If 55.0 grams of Cu2S is heated in excess O2, what is the mass of Cu that can be produced?
Accordance with professional pronouncements : For which of the segments would information have to be disclosed in accordance with professional pronouncements? A. Segments A, B, C, and D b. Segments A, B, and C c. Segments A and B d. Segments A and D 57. In January 2011, Post, Inc.
Using straight-line amortization for patents : Malrom uses straight-line amortization for patents. On December 31, 2007, the expected future cash flows expected from the patent were expected to be $800,000 per year for the next eight years.
What is the value of ksp for pbf2 : In a saturated solution of lead (II) fluoride the concentration of lead was measured to be .0021 M. What is the value of Ksp for PbF2?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Activity variance for personnel expenses

The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January:The activity variance for personnel expenses in January would be closest to:

  Consider p. ltd, a one-asset firm with no liabilities.

Prepare the income statement for the second year ). What information should be on the income statement if we cannot get the certainty condition?

  Basics of labor hours to activity-based costing

R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Using activity-based costing, how much assembly cost is assigned to deluxe racquets?

  Company adopting pension plan

When a company adopts a pension plan, prior service costs should be charged to

  Balance of mortgage payable

The balance of mortgage payable at a given balance sheet date will be reported as a long-term liability.

  Indicator of relative profitability

You are trying to determine which of two companies is the most profitable. Which of the following would be the best indicator of relative profitability

  Airbus plant relocation

This week, Airbus announced it was building new plant in Alabama. Can you aid me in answering the following questions based on information in conjunction with Foreign Direct Investment.

  Accounting assumptions necessitate use of adjusting entries

What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries?

  Interest for the third year capitalization

The company has had over $300,000 in interest-bearing debt outstanding the third year, at a weighted average rate of 9 percent. How much interest for the third year is capitalized?

  Computing the tax liability

In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.

  Calculate earnings per share for the year ended

At December 31, 2012 and 2013, Funk & Noble Corporation had outstanding 1,000 million shares of common stock and 13 million shares of 4%, $100 par value cumulative preferred stock. No dividends were declared on either the preferred or common stock..

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