Journalize the corrections for the following transactions: 1. A cash sale of $1,000,000 has been recorded for $100,000,000 2. The receipt of $50,000 in accounts receivable has been recorded as a payment of $500,000 in accounts payable. 3. Payment of accounts payable $50,000 has been recorded as a cash sale of $5,000,000 4. Merchandise ending inventory was overstated $10,000

Journalize the corrections for the following transactions: 1. A cash sale of $1,000,000 has been recorded for $100,000,000 2. The receipt of $50,000 in accounts receivable has been recorded as a payment of $500,000 in accounts payable. 3. Payment of accounts payable $50,000 has been recorded as a cash sale of $5,000,000 4. Merchandise ending inventory was overstated $10,000

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Description: Journalize the corrections for the following transactions:1. A cash sale of $1,000,000 has been recorded for $100,000,000 2. The receipt of $50,000 in accounts receivable has been recorded as a payment of $500,000 in accounts payable. 3. Payment of a

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 13PB: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...

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