Unformatted text preview: th . For ease of recording, the January 3 rd , 2012 salaries was recorded as salaries expense. (3) Revenue earned of $2,500 during 2011 was not collected or recorded until January 13 th , 2012 (4) Advertising expense of $10,000 paid in December 20 th , 2011 was recorded as an expense even though the advertisement does not start until January 2012 (5) $1,900 cash collected on account in 2011 was mistakenly recorded as revenue. (6) Sales of services for cash in 2011 was mistakenly recorded as a debit to cash and as a credit to accounts payable, $300 (7) On December 31, 2011, bought a 2 year insurance policy for $8,000 was recorded as insurance expense Total Effect...
View Full Document
This note was uploaded on 12/29/2011 for the course MANAGEMENT MGTB05 taught by Professor Georgequanfun during the Fall '11 term at University of Toronto.
- Fall '11