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Question 1: An examination of the accounts of Siniora Company for the month of June revealed the following errors after the transactions were journalized and
Question 1: An examination of the accounts of Siniora Company for the month of June revealed the following errors after the transactions were journalized and posted. 1)A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530. 2) Cash paid on accounts payable for $810 was recorded as a debit to Accounts Payable $180 and a credit to Cash $180. 3) The purchase of supplies on account for $400 was debited to Equipment $400 and credited to Accounts Payable $400. 4) Karol withdrew $1,700 of cash and the bookkeeper debited Accounts Receivable for $170 and credited Cash $170. 5) A payment of a balance due for $306 was credited to Cash for $306 and credited to Accounts Payable for $360. Instructions Prepare the correcting entry of each error showing the incorrect and the correct entry
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