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Correcting entries Chart of Accounts Journal Journal Instructions On March 1, it was discovered that the following errors took place in oumalizing and posting transactions

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Correcting entries Chart of Accounts Journal Journal Instructions On March 1, it was discovered that the following errors took place in oumalizing and posting transactions a Rent expense of $3, 220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a 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 a second entry to record the correct entry) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debitor credit entries CNOW Journals will automatically indent a credit entry when a credit amount is entered

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