The Following Errors in Recording the Transactions for December Were $\quad$

question 85

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 $\quad$ Discovered that a purchase of office equipment for $\$ 1,000$ cash was
$\quad$$\quad$ recorded as a debit to Shop Equipment and a credit to Cash
$\quad$ 10 $\quad$ Discovered that a check for $\$ 2,500$ to the owner, Hank Rudolph, to
$\quad$$\quad$$\quad$ pay one month's utilities on his personal apartment was recorded as a debit to Utilities Expense and a credit to Cash
$\quad$ 15 $\quad$ Discovered that a receipt of $\$ 30,000$ cash from a customer for
$\quad$$\quad$$\quad$ services performed was recorded as a debit to Cash and a credit to Accounts Receivable
$\quad$ 20 $\quad$ Discovered that $\$ 3,000$ for this month's rent was recorded as a
$\quad$$\quad$$\quad$ debit to Cash and a credit to Prepaid Rent

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Definitions:

Marketers

Professionals involved in creating and promoting products or services to meet consumer needs and generate profit for companies.

Heavy Users

Consumers who purchase and use products or services far more frequently than the average customer, often contributing disproportionately to sales and profits.

Total Demand

The entire quantity of a product or service that consumers in a market are willing and able to purchase at various prices during a specified period.

Rule

A prescribed guideline for conduct or action established by an authority.