Question
Sheridan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries
Sheridan 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 $890to a creditor was debited to Accounts Payable $510and credited to Cash $510.2.The purchase of supplies on account for $200was debited to Equipment $20and credited to Accounts Payable $20.3.A $400withdrawal of cash for N. Sheridan's personal use was debited to Salaries and Wages Expense $400and credited to Cash $400.
I need help preparing the correcting entries.
No. Account Titles & Explanation. Debit Credit
1.)
2.)
3.).
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