Accounting Principles, (Custom B Help I System A Edition) uncements n Assignment
ID: 2513419 • Letter: A
Question
Accounting Principles, (Custom B Help I System A Edition) uncements n Assignment Exercise 4-12 (Part Level Submission) Noah Bahr Company discovered the following errors made in January 2017. 1. A payment of Salaries and Wages Expense of $360 was debited to Equipment and credited to Cash, both for $360 2. A collection of $5,200 from a client on account was debited to Cash $520 and credited to Service Revenue $520. 3. The purchase of equipment on account for $720 was debited to Equipment $390 and credited to Accounts Payable $390. Your answer is correct Correct th manually) No. Account Titles and Explanation e errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically dy Debit CreditExplanation / Answer
No Account titles & Explanations Debit Credit 1) Salaries and wages expense 360 Equipment 360 2) Account receivable 5,200 Cash 520 Service revenue 4,680 3) Equipment 330 Accounts payable 330 Income statement Revenue Service revenue 59,900 less:operating expense Maintenance and repairs expesne 1,600 Depreciation expense 3,100 insurance expense 1,700 Salaries and wages expense 29,900 Utilities expense 1,400 total operating expense 37,700 Net income 22,200