Ask Experts Questions for FREE Help !
Ask
    carolb1970's Avatar
    carolb1970 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 25, 2013, 12:38 PM
    Journal entry
    a purchase of $303, paid by check and was recorded in both accounts as as a purchase of goods valued at $330. What is the journal entry?
    Fidget1's Avatar
    Fidget1 Posts: 105, Reputation: 4
    Junior Member
    		  
    #2

    Jan 25, 2013, 01:50 PM
    There's two ways to do it. You can either completely reverse the oringal entries and then record the correct entries or, you can just reverse the $27 difference so that the correct net amount of $303 shows in each account.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journal entry and adjusting entry [ 3 Answers ]

Hello: I am new to this site. I am coming across some difficulty with my assignment. If someone can please help me:confused: 1. On may 1st, there was a rent payment for may and June for 4500. THEN 2. I have an adjusting entry for a $1000 of unearned rent. Here is the confusing part to...

Journal Entry / Double-entry software needed [ 5 Answers ]

Hi, I am looking for a good software to use for daily journal entries and adjustments, that will allow me to create at least a balance sheet & income statement and perhaps a few reports (like inventory, accounts receivables). I need a real double-entry & simple reliable software. Peachtree &...

What would the general journal entry be for an adjusting entry? [ 1 Answers ]

Depreciation for the month: Factory equipment... $642.00 Office equipment... $369.70 What accounts are debited and credited?

Journal entry [ 3 Answers ]

Received 15000 for 12 months rent in advance how shoud I record this transaction

What do I debit/credit in journal entry/adjusting entry? [ 1 Answers ]

Hi. I am unsure about the correct way to debit/credit these entries. Can someone help me? Window Washing Company opened on July 1, 2010. During July the following transactions were completed: July 1 Issued 14,456 shares of common stock for $14,456 cash. July 1 Purchased used truck for...

View more questions Search