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On May 3, it was discovered that the following errors took place in journalizing and posting transactions: a. Insurance of $17,800 paid for the
On May 3, it was discovered that the following errors took place in journalizing and posting transactions: a. Insurance of $17,800 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. A withdrawal of $9,400 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.
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