Keenan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made
Question:
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 $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3. A $500 withdrawal of cash for P. Keenan’s personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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1 Accounts Payable 840 480 360 ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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