Andrew Clark Company discovered the following errors made in January 2015.

1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.

2. A collection of $1,000 from a client on account was debited to Cash $100 and credited to Service Revenue $100.

3. The purchase of equipment on account for $760 was debited to Equipment $670 and credited to Accounts Payable $670.

A. Correct the errors by reversing the incorrect entry and preparing the correct entry.

B. Correct the errors without reversing the incorrect entry.

Account Titles Debit Credit
(a)
1. Salaries And Wages Expense 700
Equipment 700
2. Cash 1000
Service Revenue 100
Accounts Receivable 100
3. Equipment 335
Accounts Payable 335
(b)
1.
2.
3.

2. you take $100 you had kept under your mattress and deposit it on your bank account. if this $100 stays in the banking system as reserves and if banks hold reserves equal to 10% of deposits, by how much does the total amount of deposits in the banking system increase? by how much does the money supply increase?

The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities.required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.