Make the correcting entries for these errors at April

Assignment Help Accounting Basics
Reference no: EM132795890

Question - The following errors were made in April 2021 by the accountant for Amanda's Cleaning Services:

1) Equipment purchased for $4,600 was entered as a debit to Cash and a credit to Accumulated Depreciation-Equipment.

2) A payment was made to the telephone company for $195. It was a payment for the March telephone bill that had been recorded as a Telephone Expense in March. The accountant recorded the April payment as a debit to Telephone Expense and a credit to Cash.

3) A customer paid a deposit for work that is to be completed in May 2021 in the amount of $500. The accountant recorded the deposit as a debit to Cash and a credit to Service Revenue.

4) Bank service charges were recorded as a Debit Cash and Credit Bank Charges Expense for $52.

Instructions - Make the correcting entries for these errors at April 30, 2021.

Reference no: EM132795890

Questions Cloud

How long will take tony to pay off visa credit card : How long will it take Tony to pay off his Visa credit card? How much interest will Tony pay if he only pays the minimum payment? Show steps.
How many gasoline futures contracts should be traded : a. If gasoline futures are used to hedge the exposure, what should the hedge ratio be?
What nominal annual rate of interest compounded annually : $42,500 was bought for 50 payments of $1790 due at the end of every 6 months. What nominal annual rate of interest compounded annually was? charged?
What is prediction for the impact on the basis : 1. Suppose a summer drought destroys much of this year's wheat harvest. What would be your prediction for the change in the basis, F - S?
Make the correcting entries for these errors at April : Bank service charges were recorded as a Debit Cash and Credit Bank Charges Expense for $52. Make the correcting entries for these errors at April
Determine the value of the bond to you given the? market : Determine the value of the bond to you given the? market's required yield to maturity on a? comparable-risk bond. Should you purchase the? bond?
Variance of the return on fincorp stock : Here are the results of a monthly index model of stock returns for FinCorp Stock: r(Fincorp) = .001 + .8 r(S&P500) + e
Discuss your impression of the two case studies : Discuss your impression of the two case studies in Chapter 6. In your discussion, be sure to address what you believed was the most critical item noted.
Calculate the net present value of the project : Consider the following cash flow series over the twenty-year period of a project. Calculate the net present value of the project

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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