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

    Apr 18, 2009, 05:33 PM
    Correcting Entries
    How do I show the correcting entry for...
    Payment on account of $920 to a creditor was debited $290 to a/p and credited $290 to cash?

    Also,

    A $400 withdrawal of cash for Bett's personal use was debited $400 to salaries expense and credit $400 to cash

    And finally

    A customer was billed $170 for services provided. a/r was debited $170 and unearned service revenue was credited $175
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Apr 18, 2009, 05:39 PM

    1) Debit A/P for the difference between $920 and $290
    Credit Cash for the same amount

    2) Debit the Owners Drawing Account for $400Credit Salaries Expense for the same amount

    3) Debit Unearned Service Revenue for $175
    Credit Service Revenue for $170
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!

Prepare correcting entries [ 2 Answers ]

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

Prepare correcting entries [ 1 Answers ]

Hello, I would like to check my answer for the following question: 1. The purchase of $1200 of office equipment with a three-year useful life was debited to office supplies 2. A customer was billed $175 for services provided. Accounts receivable was debited of $175 and Unearned Service...

Correcting Entries [ 1 Answers ]

The question is: At the end of 2007 the company accrued salaries of $45 000 in excess of the correct amount. Prepare the journal entry in 2008 to correct the books. The answer is: Sales Salaries Expense 45,000 Retained Earnings 45,000 I don't understand why... what is the closing...

Correcting entries [ 1 Answers ]

Which accounts would I use to correct an entry, where a bill was posted as being paid and later it was realized that the bill was paid with the owner's personal money?

Prepare correcting entries [ 1 Answers ]

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...

View more questions Search