The Following Errors in Recording the Transactions for December Were

question 52

Essay

The following errors in recording the transactions for December 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 12 of a general journal. Omit the descriptions.
Dec. 5 Discovered that a purchase of office equipment for $1,000 cash was recorded as a debit to Shop Equipment and a credit to Cash
10 Discovered that a check for $2,500 to the owner, Hank Rudolph, to pay one month's utilities on his personal apartment was recorded as a debit to Utilities Expense and a credit to Cash
15 Discovered that a receipt of $30,000 cash from a customer for services performed was recorded as a debit to Cash and a credit to Accounts Receivable
20 Discovered that $3,000 for this month's rent was recorded as a debit to Cash and a credit to Prepaid Rent

Understand the definitions and basic concepts related to plant assets, including obsolescence and salvage value.

Comprehend the principles and methods of depreciation, including straight-line and accelerated methods.

Recognize the accounting treatment and financial reporting requirements for plant assets.

Understand the impact of asset depreciation on financial statements over time.

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Definitions:

Complaint

A formal legal document submitted to a court by the plaintiff that outlines the basis for a lawsuit against the defendant.

Federal Rules of Civil Procedure

A set of rules that govern legal proceedings in U.S federal courts, designed to ensure fairness and efficiency in the civil litigation process.

Complaint

A formal legal document that initiates a lawsuit by setting forth the claims that the plaintiff asserts against the defendant.

Seventh Amendment

The Seventh Amendment to the United States Constitution guarantees the right to a jury trial in certain civil cases according to common law.