Andrew Clark Company discovered the following errors made in January 2017. 1. A payment of Salaries and Wages Expense of $600 was debited to Equipment and credited to Cash, both for $600.
2. A collection of $4,500 from a client on the account was debited to Cash $450 and credited to Service Revenue $450.
3. The purchase of equipment on account for $520 was debited to Equipment $250 and credited to Accounts Payable $250.
Correct the errors by reversing the incorrect entry and preparing the correct entry.

Solution :

Correcting the errors by reversing the incorrect entry and then preparing the correct entry :

Sl. No.    Description                                         Debit             Credit

1.           Cash                                                    $600

             Equipment                                                                   $600

             Salary and wages                                 $600

              Cash                                                                          $600

2.            Service revenue                                   $450

               Cash                                                                         $450

               Cash                                                    $4500

              Account receivable                                                    $4500

3.            Accounts payable                                   $250

              Equipment                                                                   $250

             Equipment                                                $520

                Accounts payable                                                      $520

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

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