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3 years ago

Marigold Company discovered the following errors made in January 2022.

Business

1 answer:

lys-0071 [83]3 years ago

4 0

Answer:

A. Reversals entry

1. Dr Cash 900

Cr Equipment 900

Correct entry

Dr Wages and salaries 900

Cr Cash 900

2. Dr Cash 5850

Dr Service revenue 650

Cr Account payable $6,500

3. Dr Accounts payable 360

Cr Equipment 360

Explanation:

A. To Correct the errors by reversing the incorrect entry and Preparation of the correct entry.

Reversals entry

1. Dr Cash 900

Cr Equipment 900

Correct entry

Dr Wages and salaries 900

Cr Cash 900

B. To Correct the errors without reversing the incorrect entry

2. Dr Cash 5850

($6500-650)

Dr Service revenue 650

Cr Account payable $6,500

3. Dr Accounts payable 360

(510-150)

Cr Equipment 360

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Investment = $1,000

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