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do the following correcting entires. i need ASAP E4.12 (LO 3) Blair Natt Company discovered the following errors made in January 2020. 1. A payment
do the following correcting entires. i need ASAP
E4.12 (LO 3) Blair Natt Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700. 2. A collection of $1,500 from a client on account was debited to Cash $150 and credited to Service Revenue $150. 3. The purchase of equipment on account for $670 was debited to Equipment $760 and credited to Accounts Payable $760. Instructions a. Correct the errors by reversing the incorrect entry and preparing the correct entry. b. Correct the errors without reversing the incorrect entry. E4.13 (LO 3) Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570. 2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56. 3. A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500Step by Step Solution
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