BE4-4 & BE4-9: closing and correcting entries
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BE4-4 The ledger of Rowen Company contains the following balances: Common Stock $30,000;
Dividends $2,000; Service Revenue $50,000; Salaries Expense $23,000; and Supplies Expense
$4,000. Prepare the closing entries at December 31.
BE4-9 At Rafeul Huda Company, the following errors were discovered after the transactions
had been journalized and posted. Prepare the correcting entries.
1. A collection on account from a customer for $780 was recorded as a debit to Cash $780 and
a credit to Service Revenue $780.
2. The purchase of store supplies on account for $1,580 was recorded as a debit to Store Supplies
$1,850 and a credit to Accounts Payable $1,850.
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Solution Summary
The solution provides the journal entries for both problems including explanations to make the entries understandable.
Solution Preview
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BE4-4 Closing Entries Debit Credit
31-Dec Service Revenue $50,000
Salaries Expense 23,000
Supplies ...
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