b. A payment of $270 on account was debited to Accounts Payable for $720 and credited to Cash for $720. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal by $ 1,170 X On March 1, was discovered that the following errors took place in journalizing and posting transactions a. Rent Expense of $4,650 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense D. The payment of $3,700 from a customer on account was recorded as a debt to cash and credit to Accounts Payable Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a) (That is record an entry to reverse the incorrect entry and second entry record the correct entry) Refer to the Chart of Accounts for exact wording of account bites 16 Equipment 52 Automobile Expense Instruction Chart of Account Journal Instructions Journal Joumalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a) (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry) Refer to the Chart of Accounts for exact wording of account is. JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REE D EBIT CREDIT ASSETS LATES EQUITY Previous Next Check My Work 10 more Check My Work uses remaining Submit Assignment for Grading Emainstructor Save and All work saved