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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. 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919118

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