Business, 19.10.2021 08:20 spaigenicole

Grouper Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $ 530 to a creditor was debited to Accounts Payable $ 350 and credited to Cash $ 350.
2. The purchase of supplies on account for $ 100 was debited to Equipment $ 10 and credited to Accounts Payable $ 10.
3. A $ 370 cash dividend was debited to Salaries and Wages Expense $ 370 and credited to Cash $ 370.
4. Received $700 cash from a customer on account.
5. Cash was debited $700 and Service Revenue was credited $700.
Prepare the correcting entries.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:30

Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)

Answers: 2

Answer

Business, 22.06.2019 12:50

Jallouk corporation has two different bonds currently outstanding. bond m has a face value of $50,000 and matures in 20 years. the bond makes no payments for the first six years, then pays $2,100 every six months over the subsequent eight years, and finally pays $2,400 every six months over the last six years. bond n also has a face value of $50,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. the required return on both these bonds is 10 percent compounded semiannually. what is the current price of bond m and bond n?

Answers: 3

Answer

Business, 22.06.2019 16:30

Which of the following has the largest impact on opportunity cost

Answers: 3

Answer

Business, 22.06.2019 18:00

Rosie and her brother michael decided recently to purchase an rv together. they both want to use the rv to take their families camping. the price of the rv was $10,000. since michael expects to use the rv 60% of the time and rosie 40% of the time, michael contributed $6,000 and rosie contributed $4,000. their ownership percentage equals their contribution percentage. which type of property titling should they use to reflect their ownership interest?

Answers: 1

Answer

You know the right answer?

Grouper Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant...

Questions