the bookkeeper had made errors in recording several transactions. The erroneous transactions are as follows: (a) When accruing interest on a note payable, the bookkeeper debited Interest Receivable for $300 and credited Interest Payable for $300. (b) A check for $800 was issued for goods previously purchased on account. The bookkeeper debited Accounts Receivable and credited Cash for $800. (c) A check for $180 was received as payment on account. The bookkeeper debited Accounts Payable for $810 and credited Accounts Receivable for $810. (d) When making the entry to record the year’s depreciation expense, the bookkeeper debited Accumulated Depreciation—Equipment for $1,500 and credited Cash for $1,500.

the bookkeeper had made errors in recording several transactions. The erroneous transactions are as follows: (a) When accruing interest on a note payable, the bookkeeper debited Interest Receivable for $300 and credited Interest Payable for $300. (b) A check for $800 was issued for goods previously purchased on account. The bookkeeper debited Accounts Receivable and credited Cash for $800. (c) A check for $180 was received as payment on account. The bookkeeper debited Accounts Payable for $810 and credited Accounts Receivable for $810. (d) When making the entry to record the year’s depreciation expense, the bookkeeper debited Accumulated Depreciation—Equipment for $1,500 and credited Cash for $1,500.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 2.10C

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