Monty 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 $740 to a creditor was debited to Accounts Payable $470 and credited to Cash $470. 2. The purchase of supplies on account for $480 was debited to Equipment $48 and credited to Accounts Payable $48. 3. A $520 cash dividend was debited to Salaries and Wages Expense $520 and credited to Cash $520. Prepare the correcting entries. (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.)