Problem 4.3A Recording correcting entries. LO 4
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The following journal entries were prepared by an employee of Jupiter Company who does not have an adequate knowledge of accounting. Don't use plagiarized sources. Get Your Custom Essay on
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| GENERAL JOURNAL | PAGE 3 | ||||
| Date | Description | Post. Ref. | Debit | Credit | |
| 2013 | |||||
| April | 1 | Accounts Payable | 12,400 | ||
| Fees Income | 12,400 | ||||
| Performed services on credit | |||||
| 2 | Cash | 500 | |||
| Telephone Expense | 500 | ||||
| Paid for March telephone service, Check 1917 | |||||
| 3 | Office Equipment | 7,200 | |||
| Office Supplies | 800 | ||||
| Cash | 8,400 | ||||
| Purchased file cabinet and office supplies, Check 1918 | |||||
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| (Assume that Office Equipment and Office Supplies were recorded at the correct values.) |
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Examine the above journal entries carefully and prepare the correct journal entries.(Omit the “$” sign in your response) |
| Date | General Journal | Debit | Credit | |
| April | 1 | (Click to select)Accounts payableTelephone expenseFees incomeOffice equipmentOffice suppliesCashAccounts receivableUtilities | ||
| (Click to select)Office equipmentOffice suppliesFees incomeTelephone expenseCashUtilitiesAccounts payableAccounts receivable | ||||
| 2 | (Click to select)Accounts payableCashOffice suppliesAccounts receivableTelephone expenseFees incomeUtilitiesOffice equipment | |||
| (Click to select)Accounts receivableOffice equipmentFees incomeAccounts payableOffice suppliesTelephone expenseCashUtilities | ||||
| 3 | (Click to select)Accounts receivableOffice equipmentTelephone expenseUtilitiesFees incomeOffice suppliesCashAccounts payable | |||
| (Click to select)Accounts payableCashOffice suppliesTelephone expenseFees incomeOffice equipmentUtilitiesAccounts receivable | ||||
| (Click to select)CashTelephone expenseFees incomeOffice suppliesAccounts payableUtilitiesOffice equipmentAccounts receivable | ||||
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| Analyze: |
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After the correcting journal entries have been posted, what effect do the corrections have on the company’s reported assets?(Leave no cells blank be certain to enter to “0” wherever required; Select NE if there is “No Effect”. Omit the “$” sign in your response. Assume that the erroneous entries are reversed and the correct entries are posted, what is the impact on assets as a result of all corrections?) |
| Assets | (Click to select)DecreasedNEIncreasedby | $ |
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