Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Wildhorse Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were
Wildhorse Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.
1. | The purchase of supplies for $620 cash was debited to Equipment $220 and credited to Cash $220. | ||
2. | A $490 withdrawal of cash for B. Wildhorses personal use was debited to Salaries and Wages Expense $880 and credited to Cash $880. | ||
3. | A payment on account of $860 to a creditor was debited to Accounts Payable $280 and credited to Cash $280. |
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started