User Account

All Pages

Prepare the journal entries to correct the errors

Assignment Help Accounting Basics
Reference no: EM132664638

Question - On Inspection of the books Andrews found the following errors.

1. Purchases on credit from Hannah, $600 had been recorded in the book of Prime entry and the account of Hannah as $900.

2. Rent expenses $450 had been posted to the general expenses account.

3. The Purchase of Fixtures, $800 had been recorded in the general expenses account.

4. A sale of goods on credit to Roy, $500, had been debited to the Sales account and Credited to Roy's Account.

Required -

(a) Name the type of error in 1-4.

(b) Prepare the journal entries to correct the errors 1 to 4. Narratives are not required.

Reference no: EM132664638

Questions Cloud

Make journal entry to record transactions on book of skysong : On April 7, purchased equipment on account. Prepare the journal entries to record transactions on the books of Skysong, Inc. under a perpetual inventory system.
Why would an oncologist order chemotherapy : Why would an oncologist order chemotherapy in addition to surgery? What are the benefits of using a combination of chemotherapy to treat cancer?
Routine audit of log-ins to electronic health record : The following potential security issues were identified in a routine audit of log-ins to the electronic health record and other systems:
What is the estimated cost of goods sold and gross margin : The ending finished goods inventory equals 20% of the following month's unit sales. What is the estimated cost of goods sold and gross margin for July?
Prepare the journal entries to correct the errors : Rent expenses $450 had been posted to the general expenses account. Prepare the journal entries to correct the errors 1 to 4
Review some nursing journals that deal with education : Review some nursing journals that deal primarily with education, research, or administration, such as the Journal of Nursing Education, Nursing Research.
What is the estimated finished goods inventory balance : The variable manufacturing overhead is $10 per direct labor-hour, what is the estimated finished goods inventory balance at the end of July?
Employee performance and contribution : Share with me your philosophy on motivation and how you believe it bears on an employee's performance and contribution.
Describe the procedure for auscultation of the bowel sounds : Describe the procedure for auscultation of the bowel sounds. Differentiate the following abdominal sounds: normal, hyperactive, and hypoactive bowel sounds.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd