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Ivanhoe Company discovered the following errors made in January 2022. 1. 2. 3. A payment of Salaries and Wages Expense of $500 was debited to
Ivanhoe Company discovered the following errors made in January 2022.
1.
2.
3.
A payment of Salaries and Wages Expense of $500 was debited to Equipment and credited to Cash, both for $500.
A collection of $6,000 from a client on account was debited to Cash $600 and credited to Service Revenue $600.
The purchase of equipment on account for $470 was debited to Equipment $740 and credited to Accounts Payable $740.
(a)
Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the
amounts.
No. Account Titles and Explanation
1.
Debit
Credit
please answer exactly shown as in pictures be specific
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