Question
Cullumber Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were
Cullumber Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
| 1. | The purchase of supplies for $740 cash was debited to Equipment $260 and credited to Cash $260. | ||
| 2. | A $580 withdrawal of cash for B. Cullumbers personal use was debited to Salaries and Wages Expense $840 and credited to Cash $840. | ||
| 3. | A payment on account of $780 to a creditor was debited to Accounts Payable $300 and credited to Cash $300. |
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| No. | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| 1. |
|
|
|
|
|
|
| |
|
|
|
| |
| 2. |
|
|
|
|
|
|
| |
|
|
|
| |
| 3. |
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
How To Build A Cyber Resilient Organization Internal Audit And IT Audit
Authors: Eugene Fredriksen
1st Edition
1032402210, 978-1032402215
