Wakefield Company Discovered the Following Errors Made in January 2010

question 114

Essay

Wakefield Company discovered the following errors made in January 2010.
1. A payment of Salaries Expense of $800 was debited to Equipment and credited to Cash, both for $800.
2. A collection of $2,000 from a client on account was debited to Cash $200 and credited to Service Revenue $200.
3. The purchase of equipment on account for $680 was debited to Equipment $860 and credited to Accounts Payable $860.
Instructions
Correct the errors by reversing the incorrect entry and preparing the correct entry.

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Definitions:

Oxytocin

A hormone released by the pituitary gland that causes increased contraction of the uterus during labor and stimulates the ejection of milk into the ducts of the breasts.

Calcitonin

A hormone produced by the thyroid gland that helps regulate blood calcium levels by lowering them when they are high.

Calcium Ion Concentration

The level of calcium ions (Ca2+) in a particular system, important for various cellular processes including signal transduction and muscle contraction.

Parathyroid Glands

Small endocrine glands in the neck that produce parathyroid hormone (PTH), which regulates calcium levels in the blood.