Dao Vang, CPA, was retained by Universal Cable to preparefinancial statements for April 2015. Vang accumulated all theledger balances per Universalâs records and found the following.UNIVERSAL CABLE Trial Balance April 30, 2015 Debit Credit Cash$3,924 Accounts Receivable 3,301 Supplies 863 Equipment 10,570Accumulated Depreciation-Equip. $1,322 Accounts Payable 2,234Salaries and Wages Payable 787 Unearned Service Revenue 978 CommonStock 9,304 Retained Earnings 2,853 Service Revenue 5,833 Salariesand Wages Expense 3,394 Advertising Expense 426 MiscellaneousExpense 327 Depreciation Expense 506 $23,311 $23,311 Dao Vangreviewed the records and found the following errors. 1. Cashreceived from a customer on account was recorded as $730 instead of$370. 2. A payment of $74 for advertising expense was entered as adebit to Miscellaneous Expense $74 and a credit to Cash $74. 3. Thefirst salary payment this month was for $1,876, which included $787of salaries payable on March 31. The payment was recorded as adebit to Salaries and Wages Expense $1,876 and a credit to Cash$1,876. (No reversing entries were made on April 1.) 4. Thepurchase on account of a printer costing $337 was recorded as adebit to Supplies and a credit to Accounts Payable for $337. 5. Acash payment of repair expense on equipment for $82 was recorded asa debit to Equipment $28 and a credit to Cash $28. Collapsequestion part (a) Prepare an analysis of each error showing theincorrect entry, the correct entry, and the correcting entry. Items4 and 5 occurred on April 30, 2015. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually.) INCORRECT ENTRY No. Account Titles and Explanation DebitCredit 1. 2. 3. 4. 5. CORRECT ENTRY No. Account Titles andExplanation Debit Credit 1 2. 3. 4. 5. CORRECTING ENTRY No. AccountTitles and Explanation Debit Credit 1. 2. 3. 4. 5.
Dao Vang, CPA, was retained by Universal Cable to preparefinancial statements for April 2015. Vang accumulated all theledger balances per Universalâs records and found the following.UNIVERSAL CABLE Trial Balance April 30, 2015 Debit Credit Cash$3,924 Accounts Receivable 3,301 Supplies 863 Equipment 10,570Accumulated Depreciation-Equip. $1,322 Accounts Payable 2,234Salaries and Wages Payable 787 Unearned Service Revenue 978 CommonStock 9,304 Retained Earnings 2,853 Service Revenue 5,833 Salariesand Wages Expense 3,394 Advertising Expense 426 MiscellaneousExpense 327 Depreciation Expense 506 $23,311 $23,311 Dao Vangreviewed the records and found the following errors. 1. Cashreceived from a customer on account was recorded as $730 instead of$370. 2. A payment of $74 for advertising expense was entered as adebit to Miscellaneous Expense $74 and a credit to Cash $74. 3. Thefirst salary payment this month was for $1,876, which included $787of salaries payable on March 31. The payment was recorded as adebit to Salaries and Wages Expense $1,876 and a credit to Cash$1,876. (No reversing entries were made on April 1.) 4. Thepurchase on account of a printer costing $337 was recorded as adebit to Supplies and a credit to Accounts Payable for $337. 5. Acash payment of repair expense on equipment for $82 was recorded asa debit to Equipment $28 and a credit to Cash $28. Collapsequestion part (a) Prepare an analysis of each error showing theincorrect entry, the correct entry, and the correcting entry. Items4 and 5 occurred on April 30, 2015. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually.) INCORRECT ENTRY No. Account Titles and Explanation DebitCredit 1. 2. 3. 4. 5. CORRECT ENTRY No. Account Titles andExplanation Debit Credit 1 2. 3. 4. 5. CORRECTING ENTRY No. AccountTitles and Explanation Debit Credit 1. 2. 3. 4. 5.
