Tyler Company - and credited to Accounts Payable $380. 4....

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The following errors were made in journalizing and posting transactions in May for Tyler Company. 1. An $800 payment for repairs incurred on account and properly recorded in April was debited to Repair Expense $800 and credited to Cash $800. 2. A collection of $3,000 on account from a customer was recorded as a debit to Cash $300 and a credit to Accounts Receivable $300. 3. A bill for $830 for new office equipment was debited to Office Supplies $380
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Unformatted text preview: and credited to Accounts Payable $380. 4. The receipt of $800 from a customer for future services was recorded as a debit to Accounts Receivable $800 and a credit to Service Revenue $800. Instructions Prepare the correcting entries at May 31 assuming the incorrect entry is not reversed. (Omit explanations.)...
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This note was uploaded on 04/04/2009 for the course ACC 321 taught by Professor Ahmedmokhtar during the Spring '09 term at Ain Shams University.

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