Max Weinberg Company: Correct errors by reversing the incorrect entry
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Max Weinberg Company discovered the following errors made in January 2008.
A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600.
A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100.
The purchase of equipment on account for $980 was debited to Equipment $890 and credited to Accounts Payable $890.
Instructions
(a) Correct the errors by reversing the incorrect entry and preparing the correct entry.
(b) Correct the errors without reversing the incorrect entry. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
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Solution Summary
The expert examines Max Weinberg Company's correct errors by reversing incorrect entries.
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