Description
Correcting entries
Instructions
Chart of Accounts
Journal
Journal
Shaded cells have feedback. X
Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to
record the correct entry.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page
is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.
PAGE 1
JOURNAL
Score: 40/76
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
Mar. 1
Rent Expense
3,220.00
2
Cash
3,220.00
3
Mar. 1 Accounts Receivable
5,080.00
1
Fees Earned
5,080.00
1
5
6
Instructions
art On March 1, it was discovered that the following errors took place in journalizing and posting transactions:
rse the
al expla
a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a
credit to Rent Expense.
b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts
Payable.
ACCO
Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record
an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the chart of accounts for the
exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is
used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
ETS
Instructions
Labels and Amount Descriptions
Balance Sheet
Instructions
The balances of Up-in-the-Air Travel Service’s accounting equation items for the year ended April 30, 2047, are listed below. Jerome Foley, the owner, invested an additional $40,000 in
the business during the year and withdrew cash of $14,800 for personal use. Jerome Foley, capital as of May 1, 20Y6, was $390,000.
Fees earned
$745,000
Office expense
295,000
Miscellaneous expense
10,000
451,500
Wages expense
Accounts payable
Accounts receivable
44.600
76,400
Cash
43,000
Land
324,700
Supplies
4,200
Assets
2 Accounts receivable
3 Supplies
4 Cash
$76,400.00
4,200.00
43,000.00
324,700.00
$448,300.00
5 Land
6 Total assets
7
Liabilities
8 Accounts payable
$44,600.00
9
Owner’s equity
10 Fees earned
745,000.00
Purchase answer to see full
attachment
