Kogan Company has an inexperienced accountant. During the first two weeks on the job, the accountant made the given errors in journalizing transactions. All entries were posted as made.
1) A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.
2) The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38.
3) A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Make the correcting entries.