Mason company has an inexperienced accountant

Assignment Help Accounting Basics
Reference no: EM131137618

Mason 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 $630 to a creditor was debited to Accounts Payable $360 and credited to Cash $360.

2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.

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

Instructions

Prepare the correcting entries.

Reference no: EM131137618

Questions Cloud

The inhabitants of two south pacific islands : To find out whether the inhabitants of two South Pacific islands may be regarded as having the same racial ancestry, an anthropologist determines the cephalic indices of six adult males from each island, getting 1 = 77.4 and 2 = 72.2 and the corre..
Use suitable statistical software to show : In the comparison of two kinds of paint, a consumer testing service finds that four 1-gallon cans of one brand cover on the average 546 square feet with a standard deviation of 31 square feet, whereas four 1-gallon cans of another brand cover on t..
Write an essay on the topic words history : Write an essay on the topic "Words History". Give an example of a word which gives a good idea about semantic change trends. The essay should be approximately 1,000 words in length. In addition, it should be written well using correct grammar. Please..
How is a building assessed for lead-based paint risk : What is lead-based paint, and where is it likely to be found? What are the health hazards of lead-based paint? How is a building assessed for lead-based paint risk?
Mason company has an inexperienced accountant : A $400 withdrawal of cash for M. Mason's personal use was debited to Salaries Expense $400 and credited to Cash $400.
Violate the basic principle of stock valuation : Apple Inc., a company listed on the stock exchange which recently did not give dividend to shareholders and yet investors are willing to buy their shares. How is this possible? Does this violate the basic principle of stock valuation? Discuss.
Describe the interpretation of the image of god : Describe the interpretation of the image of God by a historical figure in church history ( e.g. Martin Luther, John Calvin , Augustine. etc.) Evaluate how faithful you believe his or her interpretation is to the biblical text. must be at least 300..
Correct the errors without reversing the incorrect entry : Correct the errors by reversing the incorrect entry and preparing the correct entry.
Post the closing entries to income summary : Selected accounts for Nina's Salon are presented below. All June 30 postings are from closing entries.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entrie to record the issuance of the

the bryan company issued 500000 of 10 face value bonds on january 1 2007 for 486000. the bonds are due december 31 2009

  What are some of the major policy options

Identify some specific strategies that might elevate consciousness about white collar crime. What are some of the major policy options for responding to white collar crime generally? Which overall strategy, if any, is most likely to succeed, and w..

  If logans machine hours are limited to 2000 per month

logan corporation manufactures two products with the following characteristics.contribution margin per unitmachine

  Determine whether reliable control exists

Determine whether reliable control exists.

  Utease corporation has many production plants across the

utease corporation has many production plants across the midwestern united states. a newly opened plant the bellingham

  Dr. rebecca friend the chief administrative officer

Dr. Rebecca Friend, the chief administrative officer of a hospital, is having an argument with the hospital comptroller. Dr. Friend recently received a gift of $ 100,000 from a benefactor.

  On what basis can white collar offenders be referred to as

on what basis can white collar offenders be referred to as trusted criminals and what is the special significance of

  A manufacturing company that produces a single product has

a manufacturing company that produces a single product has provided the following data concerning its most recent month

  Whitefish company budgets its cash two months at a time

whitefish company budgets its cash two months at a time. budgeted cash disbursements for march and april respectively

  Initial yield to maturity and interest rate risk

What will be the change in price for each of the bonds? Does this tell us anything about the relationship between initial yield to maturity and interest rate risk?

  What are the risks and liability factors in an audit

What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors?

  Wedge corporation uses a discount rate of 14 and has a tax

wedge corporation uses a discount rate of 14 and has a tax rate of 30. the following cash flows occur in the last year

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