Resolving Errors and Correcting a Trial Balance Assume we examine the accounts of Century Inc....
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Resolving Errors and Correcting a Trial Balance Assume we examine the accounts of Century Inc. and identify the following errors. 1. Equipment purchased for $7,500 at year-end was debited to Expenses. 2. Sales on credit of $829 were debited to Accounts Receivable for $892 and credited to Revenues for $829. 3. A $6,000 cash collection on accounts receivable was debited to Cash and credited to Revenues. Note: Do not use negative sign in your answers
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Resolving Errors and Correcting a Trial Balance Assume we examine the accounts of Century Inc. and identify the following errors. 1. Equipment purchased for $7,500 at year-end was debited to Expenses. 2. Sales on credit of $829 were debited to Accounts Receivable for $892 and credited to Revenues for $829. 3. A $6,000 cash collection on accounts receivable was debited to Cash and credited to Revenues. Note: Do not use negative sign in your answers 