An inexperienced accountant for Olsen Corporation made the following entries. Instructions
(a) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.)
(b) Prepare the correcting entries that should be made to correct the accounts of Olsen Corporation. (Do not reverse the original entry.)

Question

An inexperienced accountant for Olsen Corporation made the following entries.  Instructions
(a) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.)
(b) Prepare the correcting entries that should be made to correct the accounts of Olsen Corporation. (Do not reverse the original entry.)

Quizplus · Accepted Answer

The Answer of An inexperienced accountant for Olsen Corporation made the following entries.  Instructions
(a) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Omit explanations.)
(b) Prepare the correcting entries that should be made to correct the accounts of Olsen Corporation. (Do not reverse the original entry.)

An Inexperienced Accountant for Olsen Corporation Made the Following Entries