The following errors took place in journalizing and posting transactions: a. Rent of $12,500 paid for the

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The following errors took place in journalizing and posting transactions:

a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.
b. A withdrawal of $7,500 by Trent Benedict, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.

Journalize the entries to correct the errors. Omit explanations.

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Financial Accounting

ISBN: 978-1133952428

12th Edition

Authors: Warren, Reeve, Duchac

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Question Posted: Dec 22, 2022 01:37 AM

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The following errors took place in journalizing and posting transactions: a. Rent of $12,500 paid for the

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a Debit Prepaid Rent 1...View the full answer

Financial Accounting

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