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Keenan 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 w debited to Accounts payable $480 and credited to Cash $480.

2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.

3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.

Prepare the correcting entries.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92723220

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