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Review Exercise
On June 28, Jeremy Preston reviewed the transactions that were made during the month. During
his review, he came across two errors in the journals.
1.
A cash payment of $400 for minor repairs on the company vehicle was debited to the
automobile asset account instead of the maintenance expense account.
2.
A cash payment of $200 for office supplies was debited to the equipment asset account instead
of the office supplies asset account.
Prepare the journal entries to correct the two errors on June 28.
See Appendix I for solutions.
Journal
Page 1
Date
Account Titles and Explanation
PR
Debit
Credit
Chapter 5 Appendix
The Accounting Cycle: Adjustments
