Problem 4.3A Recording correcting entries. LO 4
| 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 problem 5 275105 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page |
| GENERAL JOURNAL | PAGE 3 | ||||
| Date | Description | Post. Ref. | Debit | Credit | |
| 2013 | |||||
| April | 1 | Accounts Payable | 12,400 | ||
| Fees Income | 12,400 | ||||
| Performed services on credit | |||||
| 2 | Cash | 500 | |||
| Telephone Expense | 500 | ||||
| Paid for March telephone service, Check 1917 | |||||
| 3 | Office Equipment | 7,200 | |||
| Office Supplies | 800 | ||||
| Cash | 8,400 | ||||
| Purchased file cabinet and office supplies, Check 1918 | |||||
| | |||||
| (Assume that Office Equipment and Office Supplies were recorded at the correct values.) |
| Examine the above journal entries carefully and prepare the correct journal entries.(Omit the “$” 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 | ||||
| | ||||
| Analyze: |
| 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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