VCURAMS
Feb 5, 2007, 09:00 PM
I seem to be having trouble correcting a trial balance. Please help. Thanks.
Question 1: A debit posting to Wages Expense of 670 dollars was omitted.
So do I now credit or debit Waged Expense?
Question 2: A payment of 65 dollars for telephone charges was recorded as a debit to Office Expense for 65 dollars and a debit to Cash for 65 dollars.
It should be a credit to Cash and a debit to O.E. right?
Question 3: A dividend of 575 dollars was debited to Wages Expense for 575 and credited to cash for 575. What should I do now?
Question 4: Cash received from a customer on account was debited for 570 dollars and Accounts Rec. waas credited for the same amount. The actual collection was for 750 dollars.
So I debit cash 180 and credit AR 180 right?
Question 5: The purchase of a computer printer on account for 500 was recorded as a debit to supplies for 500 and a credit to AP for 500
It should be a debit to equipment?
Question 6: Services were performed on account for a client for 890. AR was debited 890 and Service Revenue was credited 89
Credit Revenue 801?
Question 7: A payment on account for 206 dollars was credited to cash for 206 and credited to AP for 260.
AP should be debited so debit AP for 260 to get rid of the credit then credit for the correct amount 206?
Question 8: When the Unearned Service Revenue account was reviewed, it was found that 325 dollars of the balance was earned
So I would debit Unearned Revenue 325 dollars? Do I also credit service revenue?
Here is the original balance
Debits:
AR 3,231
Supplies 800
Equipment 3,800
Unearned Service Revenue 1,200
Wages Expense 3,400
Office Expense 940
Credits:
Cash 2,870
AP 2,666
Common Stock 6,000
Retained Earnings 3,000
Service Revenue 2,380
Thanks in advance for your help!
Question 1: A debit posting to Wages Expense of 670 dollars was omitted.
So do I now credit or debit Waged Expense?
Question 2: A payment of 65 dollars for telephone charges was recorded as a debit to Office Expense for 65 dollars and a debit to Cash for 65 dollars.
It should be a credit to Cash and a debit to O.E. right?
Question 3: A dividend of 575 dollars was debited to Wages Expense for 575 and credited to cash for 575. What should I do now?
Question 4: Cash received from a customer on account was debited for 570 dollars and Accounts Rec. waas credited for the same amount. The actual collection was for 750 dollars.
So I debit cash 180 and credit AR 180 right?
Question 5: The purchase of a computer printer on account for 500 was recorded as a debit to supplies for 500 and a credit to AP for 500
It should be a debit to equipment?
Question 6: Services were performed on account for a client for 890. AR was debited 890 and Service Revenue was credited 89
Credit Revenue 801?
Question 7: A payment on account for 206 dollars was credited to cash for 206 and credited to AP for 260.
AP should be debited so debit AP for 260 to get rid of the credit then credit for the correct amount 206?
Question 8: When the Unearned Service Revenue account was reviewed, it was found that 325 dollars of the balance was earned
So I would debit Unearned Revenue 325 dollars? Do I also credit service revenue?
Here is the original balance
Debits:
AR 3,231
Supplies 800
Equipment 3,800
Unearned Service Revenue 1,200
Wages Expense 3,400
Office Expense 940
Credits:
Cash 2,870
AP 2,666
Common Stock 6,000
Retained Earnings 3,000
Service Revenue 2,380
Thanks in advance for your help!