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3 years ago

Assuming that all entries have been posted, prepare correcting entries for each of the following errors.

Business

1 answer:

Alenkasestr [34]3 years ago

6 0

Answer and Explanation:

The correcting journal entries are shown below:

a. Cash Dr $774

To account payable $774

(Being purchase of supplies on account is recorded)

b. Wages expense Dr $475

To rent expense $475

(Being wages expense is recorded)

c. Account payable $396

To Supplies $196

To cash $200

(being cash paid is recorded)

These 3 correcting entries should be recorded

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2 years ago

Johnson Corporation unadjusted trial balance at year-end include the following accounts. Compute the uncollectible account expen

Alborosie

Answer:

Explanation:

The journal entries are shown below:

A. Uncollectible Expense A/c Dr $11,520

To Allowance for doubtful accounts A/c $11,520

(Being the uncollectible expense is recorded)

The computation is shown below:

= $1,152,000 × 1%

= $11,520

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To Allowance for doubtful accounts A/c $12,960

(Being the uncollectible expense is recorded)

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