79. M. Shay & Company, Inc.The bookkeeper for M. Shay & Company, Inc. prepared the following journal entries and posted them to the general ledger as indicated in the T-accounts presented. Assume that the dollar amounts and descriptions of the entries are correct.Journal (partial):
Date
Accounts and Explanations
Debit
Credit
May 5
Accounts Receivable
1,600
Service Revenue
1,600
Billed customers for services completed
May 11
Cash
500
Service Revenue
500
Collected from a customer billed on May 1 for services rendered
May 15
Office Supplies
700
Accounts Payable
700
Purchased furniture on credit; payment due in 30 days
May 25
Office Furniture
700
Cash
700
Paid the furniture bill received on May 15
General Ledger (partial):
Accounts Receivable
Service Revenue
Office Furniture
5/5
5/5
5/11
5/25
1,600
1,600
500
700
Cash
Accounts Payable
Office Supplies
5/11
5/15
5/15
500
700
700
Refer to the information presented for M. Shay & Company, Inc. Identify the transactions that the bookkeeper recorded incorrectly in the journal. Prepare the journal entry that the bookkeeper should have made for each transaction that you identify as being made incorrectly. For this problem, assume that all explanations provided are correct.
The May 11, 15, and 25 entries were recorded incorrectly. The correct entries are:
80. M. Shay & Company, Inc.The bookkeeper for M. Shay & Company, Inc. prepared the following journal entries and posted them to the general ledger as indicated in the T-accounts presented. Assume that the dollar amounts and descriptions of the entries are correct.Journal (partial):
Date
Accounts and Explanations
Debit
Credit
May 5
Accounts Receivable
1,600
Service Revenue
1,600
Billed customers for services completed
May 11
Cash
500
Service Revenue
500
Collected from a customer billed on May 1 for services rendered
May 15
Office Supplies
700
Accounts Payable
700
Purchased furniture on credit; payment due in 30 days
May 25
Office Furniture
700
Cash
700
Paid the furniture bill received on May 15
General Ledger (partial):
Accounts Receivable
Service Revenue
Office Furniture
5/5
5/5
5/11
5/25
1,600
1,600
500
700
Cash
Accounts Payable
Office Supplies
5/11
5/15
5/15
500
700
700
Refer to the information presented for M. Shay & Company, Inc. Identify the postings to the general ledger that were made incorrectly. Describe how each incorrect posting should have been made. For this problem, assume that the journal entries have been correctly recorded.
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