A 500 cash dividend was debited to salaries and wages, Ask an Expert

Accounting

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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M919118

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