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Kogan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following 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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9958799

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