The Following Errors in Recording the Transactions for June Were

question 26

Essay

The following errors in recording the transactions for June were discovered in the general journal the next month after the data had been posted to the ledger. Record the necessary correcting entries on page 2 of a general journal. Omit the descriptions.
June
1 Discovered that a purchase of supplies for $800 cash was recorded as a debit to Equipment and a credit to Cash
2 Discovered that a check for $1,100 to the owner, Hank Rudolph, to pay one month's rent on his personal apartment was recorded as a debit to Rent Expense and a credit to Cash
3 Discovered that a receipt of $3,000 cash from a credit customer was recorded as a debit to Cash and a credit to Accounts Payable
4 Discovered that $350 services performed on credit were recorded as a debit to Cash and a credit to Fees Income

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Definitions:

Fair Housing Act

A U.S. federal law established in 1968 to prohibit discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, or sex.

Hispanics

Term used to describe people with cultural ties to Spain or Spanish-speaking countries, especially those in Latin America.

Native Americans

The indigenous peoples of the United States, including both the mainland and the Native Alaskan communities.

Hyperghetto

A term used to describe extremely impoverished and segregated urban areas characterized by high levels of social isolation and economic deprivation.