Sheffield Company discovered the following errors made in January 2022. 1. A payment of Salaries and Wages Expense of $400 was debited to Equipment and credited to Cash, both for $400.
2. A collection of $5,500 from a client on account was debited to Cash $550 and credited to Service Revenue $550.
3. The purchase of equipment on account for $620 was debited to Equipment $260 and credited to Accounts Payable $260.
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.

Which of the following is likely not a benefit of requiring a grand jury to listen to and examine all of the evidence against a person suspected of committing a serious crime and then independently deciding whether or not to hand down an indictment? 1.the grand jury system provides the accused another safeguard against being sent to trial and facing conviction based on flawed evidence. 2.the members of the grand jury are drawn from the community and are empowered to render independent decisions about whether or not the government has collected enough evidence to bring an individual to trial. 3.the grand jury’s decision can provide prosecutors insight into what is necessary to build a sufficient case if a similar crime is presented later. 4.the grand jury is impaneled to rubber-stamp prosecutors’ cases, which makes it possible for more cases to reach trial.