Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hi i had a question a homework question on how to

Hi I had a question a homework question on how to zero out an account....

60.1K

Verified Solution

Question

Accounting

Hi I had a question a homework question on how to zero out an account. I had to zero out a WIP account in june by credting the WIP account for $582.17 and debiting a accounts payable account by 582.17. I accidentally credited the WIP account 582.17 and then debited the same WIP account for 582.17. How would I fix this so the account zeros out. I posted it 06/30/2023 and reversing 07/1/2023 how would I fix this so it zeros out when I post 07/31/2023 to 08/01/2023

What I actually had to do

image

What I did by mistake I posted this as a reversing enrty in 06/30/2023 and reversing 07/1/2023 how would I fix this so it zeros out when I post 07/31/2023 to 08/01/2023

image

\\begin{tabular}{|r|r|l|} \\hline \\multicolumn{1}{|l|}{ debit } & \\multicolumn{1}{|c|}{ credit } & \\\\ \\hline 582.17 & 582.17 & WIP \\\\ \\hline & Accounts Payable \\\\ \\hline \\end{tabular} \\begin{tabular}{|r|r|l|} \\hline \\multicolumn{1}{|l|}{ debit } & \\multicolumn{1}{|c|}{ credit } & \\\\ \\hline 582.17 & 582.17 & WIP \\\\ \\hline & Accounts Payable \\\\ \\hline \\end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students