Mona reviewed the records and found the following errors: 1. 2. 3. 4. Cash received from a customer on account was recorded as $590 instead of $950. The purchase, on account, of equipment that cost $700 was recorded as a debit to Supplies and a credit to Accounts Payable for $700. A payment of $23 for advertising expense was entered as a debit to Utilities Expense, $23, and a credit to Cash, $23. The first salary payment this month was for $1,400, which included $470 of salaries and wages payable on February 28. The payment was recorded as a debit to Salaries and Wages Expense of $1,400 and a credit to Cash of $1,400. The business does not use reversing entries. A cash payment for Repairs and Maintenance Expense on equipment for $70 was recorded as a debit to Equipment, $70, and a credit to Cash, $70. 5. Question 6 Mona Kamaka, CPA, was retained by Sage Hill Inc. to prepare financial statements for the month of March 2020. Mo Sage Hill Inc. Trial Balance March 31, 2020 Credit Debit $5,620 2,730 700 11,700 Cash Accounts receivable Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries and wages payable Unearned revenue Common shares Retained earnings Service revenue Salaries and wages expense Advertising expense Utilities expense Depreciation expense Repairs and maintenance expense $2,340 4,640 470 1,170 7,800 3,250 6,240 2,810 620 240 550 940 $25,910 $25,910 Prepare an analysis of each error that shows (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter o for the amounts.) (1) Incorrect entry No. Account Titles and Explanation Debit Credit

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now