An Examination of the Accounts of Savage Company for the Month

question 124

Essay

An examination of the accounts of Savage Company for the month of June revealed the following errors after the transactions were journalized and posted.
1. A check for $800 from R. Wright, a customer on account, was debited to Cash $800 and credited to Service Revenue, $800.
2. A payment for Advertising Expense costing $630 was debited to Utilities Expense, $360 and credited to Cash $360.
3. A bill for $850 for Supplies purchased on account was debited to Equipment, $580 and credited to Accounts Payable $580.
Instructions
Prepare correcting entries for each of the above assuming the erroneous entries are not reversed. Explain how the transaction as originally recorded affected net income for the month of June.

Grasp the mechanisms of movement in ctenophores.

Recognize the simplicity of placozoans and their adaptive features.

Identify characteristics and misconceptions about sponges.

Describe the basic anatomy and reproductive strategies of cnidarians.

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Definitions:

Organizational Life

Encompasses the culture, practices, and dynamics within an organization, influencing and shaping the experiences of its members.

Naturally Occurring

Existing in or caused by nature; not made or caused by humankind.

Race

A socially constructed category of identification based on physical characteristics, ancestry, historical affiliations, or shared culture.

Sexual Expression

The ways in which individuals communicate and express their sexual feelings, desires, and identities.