1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ankoles [38]
3 years ago
7

At Creighton Company, the following errors were discovered after the transactions had been journalized and posted.1. A collectio

n on account from a customer for $920 was recorded as a debit to Cash $920 and a credit to Service Revenue $920.2. The purchase of store supplies on account for $1,180 was recorded as a debit to Supplies $1,520 and a credit to Accounts Payable $1,520.
Business
1 answer:
dangina [55]3 years ago
6 0

Answer:

The correction entries shall be as follows,

1. Service Revenue    Dr. $ 920

  Customer Account   Cr. $ 920

2.  Store Purchases Dr. $1,180

    Accounts Payable Dr.$340  

   Supplies Account              Cr. $ 1,520

     

 Explanation:

1. The service revenue account was overstated and customer account understated. therefore by debiting service revenue and by crediting customer account, both have been restated at their actual position.

2. The accounts payable was overstated by $ 340 (1,180-1520).it is rectified by debiting with $ 340. Whereas the supplies account was wrongly debited therefore that impact of $1,520 reversed and actual store purchases debited with actual amount of $1,180

You might be interested in
How to find national survey of 2000 adult citizens of a nation found that 23​% dreaded​ valentine's day. the margin of error for
trasher [3.6K]
This means that the figure might be 6.2% percent of off and there is a 90% chance of the figure being correct to 6.2%
7 0
3 years ago
The Federal Reserve _____ the money supply to lower inflation.
baherus [9]
~Hello there! ^_^

Your question: The Federal Reserve _____ the money supply to lower inflation.

Your answer: The Federal Reserve decreases the money supply to lower inflation.

Hope this helps~




6 0
2 years ago
Read 2 more answers
What is one medical use for x-rays​
MakcuM [25]

Answer:

X-rays can be used to see what areas of a bone a broken or injured. It helps understand what parts of the body may have injuries.

Hope this helps.

6 0
3 years ago
Which of the following is an example of a good with elastic supply in the short run?
garri49 [273]

Answer:

my be plastic wrep

Explanation:

because it seems to be elastic and its holds on very well

4 0
3 years ago
If a firm decides it is in the best interest to collaborate on a development project, how would you recommend the firm choose a
Ahat [919]

Answer:

We live in a related world more so now than any time in recent memory before.In this scenery no business can have all the assets to take an interest completely in the worldwide commercial center without key unions, coordinated efforts and organizations.  

Effective endeavors are continually searching for assets to ceaselessly enhance their ebb and flow tasks and have the accepted procedures to stay ahead in the race.  

Joint effort is a vehicle to supplement the assets of an association and addition abilities to meet certain all around characterized targets. The substance might be deficient with regards to specific assets like money related quality, aptitudes and deliberately it might not have any desire to put resources into their zones of "shortcoming" for some an explanation.  

The firm might need to investigate for an imminent accomplice from its realized business system to begin with. Business and informal communities can furnish leads by taking part in conversations with them. Different zones for prospecting could be from the databases of mechanical improvement offices. Tried and true outsider specialist co-ops - offices right now be locked in to discover reasonable possibilities.  

By the day's end, organizations are about connections. Common regard for one another and shared qualities are important to have an effective organization to meet every others key business targets through such a joint effort. Essentially each ought to be expertly dedicated to such a dare to guarantee goals are met in soul and word.  

The Collaboration ought to be reported in an itemized way that would show the particular jobs of the separate gatherings.  

The manual should record governing rules for taking an interest accomplices to assume out their jobs genuinely.  

Key audit gatherings, choices on money related expenses must incorporate the state of both the substances in a reasonable way.  

Occasional outsider reviews of tasks ought to be a fundamental part of the manual.

3 0
3 years ago
Other questions:
  • Skysong Corporation has retained earnings of $691,300 at January 1, 2020. Net income during 2020 was $1,552,100, and cash divide
    9·1 answer
  • Corporate social responsibility (csr) means that a corporation should:
    15·1 answer
  • Internal control are not designed to safeguard assets from
    7·1 answer
  • Individuals can now use the internet to publicly editorialize about the news through:
    7·1 answer
  • A stock has an expected return of 12.2 percent, the risk-free rate is 6 percent, and the market risk premium is 10 percent. What
    5·1 answer
  • Joan sells new cars at a local dealership. she receives a 25% commission on the profit each car is sold for. last month she sold
    5·1 answer
  • If a hard fact or visual representation of a fact is needed, which method of incorporating evidence would be most effective?
    14·2 answers
  • You have been called in as a consultant for the purpose of advising what sales volume quotas for Brand A mouth wash should be es
    7·1 answer
  • Aaron promises to sell his boat to Matt, and Matt promises to buy it from Aaron. What type of contract is this? Group of answer
    14·1 answer
  • ​________ is the second step in the target marketing process. in this​ step, marketers evaluate segments and decide which segmen
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!