The following errors took place in journalizing and posting, Ask an Expert

Accounting

The following errors took place in journalizing and posting transactions:

a. A withdrawal of $20,000 by Joel Goodson, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.

b. Rent of $3,600 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.

Journalize the entries to correct the errors. Omit explanations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981514

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