On August 4, 2008, a company incorrectly debits Rent Expense instead of Salaries Expense when recording payroll

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On August 4, 2008, a company incorrectly debits Rent Expense instead of Salaries Expense when recording payroll for the month. On August 30, the error is discovered while preparing the trial balance. Propose a correcting journal entry to correct the books. If the error had not been discovered, how would the company’s income statement have been affected?

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College Accounting Ch 1-14

ISBN: 9781260904314

1st Edition

Authors: John Wild, Vernon Richardson, Ken Shaw

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