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2 years ago

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

Business

1 answer:

Alenkasestr [34]2 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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3 years ago

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Answer:

Income Statements

2013 2014 2015

Sales revenue $294,170 $360,920 $414,180

Sales returns and allowances 11,200 13,470 20,740

Net sales 282,970 347,350 393,440

Beginning inventory 21,590 33,560 42,010

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Explanation:

a) Data and Calculations:

2013 2014 2015

Sales revenue $294,170 $ $414,180

Sales returns and allowances 11,200 13,470

Net sales 347,350

Beginning inventory 21,590 33,560

Ending inventory

Purchases 263,090 298,600

Purchase returns and allowances 5,180 8,330 10,440

Freight-in 8,140 9,480 12,440

Cost of goods sold 236,230 294,740

Gross profit on sales 46,740 91,560 98,700

Beginning inventory 21,590 33,560 42,010

Purchases 245,240 263,090 298,600

Purchase returns and allowances (5,180) (8,330) (10,440)

Freight-in 8,140 9,480 12,440

Total cost of goods available 269,790 297,800 342,610

Ending inventory 33,560 42,010 47,870

Cost of goods sold 236,230 255,790 294,740

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