Ask Experts Questions for FREE Help!
  Advanced
Register  |  Log in  
   Ask    
 Answer  
  Help  

Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps

At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.

Home > Business & Careers > Accounting   »   prepare correcting entries

Answer this Question Ask about Accounting
 
Thread Tools Display Modes
Question
 
 
#1  
Old Feb 27, 2007, 02:00 PM
sam33
New Member
sam33 is offline 		 
Join Date: Feb 2007
Posts: 9
sam33 See this member's comment history on his/her Profile page.
prepare correcting entries
1. a payment on account of $ 500 to a creditor was debited to accounts payable $320 and credited to cash $320

2. the purchase of supplies on account for $550 was debited to equipment $55 and credited to accounts payable $55

3. a $300 withdrawal of cash for r. Masi's personal use was debited to salaries expense $300 and credited to cash $300


prepare correcting entries

Reply With Quote
 
     

Answers
 
 
Old Feb 28, 2007, 01:23 AM   #2  
Finance & Accounting Expert
CaptainForest is offline
 
CaptainForest's Avatar
 
Join Date: Nov 2005
Location: Canada
Posts: 3,672
CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.CaptainForest See this member's comment history on his/her Profile page.
What do YOU think the answers are?

I will help to get you started on question 1….

Quote:
Originally Posted by sam33
1. a payment on account of $ 500 to a creditor was debited to accounts payable $320 and credited to cash $320
What JE was done?
Dr. AP 320
Cr. Cash 320

What should have been done?
Dr. AP 500
Cr. Cash 500

What needs to be done to correct this?
Dr. AP 180
Cr. Cash 180

500-320 = 180
  Reply With Quote
 
     
Answer this Question Ask about Accounting

Bookmarks

« Previous Thread | Next Thread »

Thread Tools
Display Modes
Linear Mode Linear Mode

 
Similar Sponsors

Similar Threads
Question Asker Forum Answers Last Post
How to prepare Federal Schedule M-1 kambui515 Finance & Accounting 0 Oct 11, 2006 07:36 AM
How do i prepare? sarah0515 Finance & Accounting 0 Sep 26, 2006 01:08 PM
How to prepare iron (II) nitrate? questionable Chemistry 1 Aug 31, 2006 11:12 PM
Should I prepare? ivbrookes Psychics 0 Jan 22, 2006 01:06 PM
How to prepare for kittens? keschy Cats 2 Sep 9, 2004 12:11 PM




Copyright ©2003 - 2007, Ask Me Help Desk.
All times are GMT -8. The time now is 06:18 PM.