Zuhoor Muscat Company had recorded a RO 1,500 purchase of Supplies on account as a debit to Rent Expense and a credit to Cash. To correct this error directly (without a reversing entry) will include a: O a. debit to Supplies RO 1,500 and credit to Accounts Payable RO 1,500 O b. debit to Computer Stationary RO 1,500 and credit to Accounts Payable RO 1,500 O c. debit to Cash RO 1,500 and credit to Computer Stationary RO 1,500 O d. debit to Accounts Payable RO 1,500 and credit to Computer Stationary RO 1,500 None of the options are correct

Zuhoor Muscat Company had recorded a RO 1,500 purchase of Supplies on account as a debit to Rent Expense and a credit to Cash. To correct this error directly (without a reversing entry) will include a: O a. debit to Supplies RO 1,500 and credit to Accounts Payable RO 1,500 O b. debit to Computer Stationary RO 1,500 and credit to Accounts Payable RO 1,500 O c. debit to Cash RO 1,500 and credit to Computer Stationary RO 1,500 O d. debit to Accounts Payable RO 1,500 and credit to Computer Stationary RO 1,500 None of the options are correct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
Name the error which was made under the following circumstances: the business sold goods on credit for N$12 000. The bookkeeper recorded the transaction as Dr: Sales N$12 000; Cr: Accounts receivables N$12 000 a. Error of complete reversal O b. Compensating error c. Principle error O d. Commission error
The debit side of a trial balance totals $50 more than the credit side. Which one of the following could this be due to? A A purchase of goods for $50 being omitted from the payables control account B A sale of goods for $50 being omitted from the receivables control account C An invoice of $25 for electricity being credited to the electricity account D A receipt for $50 from a customer being omitted from the cash book
Complete the general ledger entries in the first picture using the transactions from the purchases and cash payments journal (in that order) in the second image. For accounts with a $0 balance after posting an event, enter a "0" on the normal side of the account. If a line is not used in the table, leave the line empty; do not select a label or enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal.
What is the correcting entry for.. the collection of accounts receivable of $680 was recorded as a debit to Cash $680 and a credit to service revenue $680
39) The payables ledger control account includes separate account for each supplier and helps to know how much the busines owe to them. Which of the following day books are used to prepare the above, except? a. Cash receipts book b. Purchases daybook c. Cash payments book d. Purchases return daybook
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries
The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be: Dr. Service Revenue 4,000 Cr. Cash Cr. Accounts Receivable 3,600 400 4,000 Cr. Accounts Receivable Dr. Service Revenue 4,000 Dr. Service Revenue 400 3,600 Cr. Accounts Receivable Dr. Cash 4,000 Dr. Cash 400 Cr. Accounts Receivable 400 Dr. Accounts Receivable Dr. Cash 400 3,600 Cr. Service Revenue 4,000
The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. Omit explanations. If an amount box does not require an entry, leave it blank. a. The receipt of $3,770 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. Cash fill in the blank e51d80faffd4fcb_2 fill in the blank e51d80faffd4fcb_3 Accounts Receivable fill in the blank e51d80faffd4fcb_5 fill in the blank e51d80faffd4fcb_6 b. The purchase of supplies of $1,130 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first. fill in the blank 1fd73cf5b00afb5_2 fill in the blank 1fd73cf5b00afb5_3 fill in the blank 1fd73cf5b00afb5_5 fill in the blank 1fd73cf5b00afb5_6 Supplies fill in the blank 1fd73cf5b00afb5_8 fill in the blank 1fd73cf5b00afb5_9 Accounts Payable fill in the blank…
4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.