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Recording and Posting a Correcting Entry Instructions On July 7 Video Connections
Chapter 7, Problem 7-4(choose chapter or problem)
Recording and Posting a Correcting Entry
Instructions on July 7 Video Connections accounting supervisor discovered that a July 3 transaction had been recorded incorrectly. The transaction, involving the purchase of advertising in the local newspaper with a $300 check, was incorrectly journalized and posted to the Rent Expense account. In your working papers, record and post the correcting entry using Memorandum 13 as the source document.
Questions & Answers
QUESTION:
Recording and Posting a Correcting Entry
Instructions on July 7 Video Connections accounting supervisor discovered that a July 3 transaction had been recorded incorrectly. The transaction, involving the purchase of advertising in the local newspaper with a $300 check, was incorrectly journalized and posted to the Rent Expense account. In your working papers, record and post the correcting entry using Memorandum 13 as the source document.
ANSWER:
Problem 7.4
Recording and Posting a Correcting Entry Instructions on July 7 Video Connections accounting supervisor discovered that a July 3 transaction had been recorded incorrectly. The transaction, involving the purchase of advertising in the local newspaper with a $300 check, was incorrectly journalized and posted to the Rent Expense account. In your working papers, record and post the correcting entry using Memorandum 13 as the source document.
Step by Step Solution
Step 1 of 3
Advertising expense is a value which is paid to promote the business. Advertising can be done through the televisions, the periodicals, the radios, and the internet. This expense is reported in the income statement of the business.