(Correcting errors, LO 2, 3, 4) Zhoda Ltd. has been having problems with its bookkeeper. The bookkeeper is a cousin of the president of the company and is very nice, but does not understand accounting very well. Recently errors have been observed in the bookkeeper’s work. Examine each of the items below and make any journal entry that is necessary to correct the entries originally made. This question can also be answered using an accounting equation spreadsheet.

a. Zhoda Ltd. received an advance from a customer for work that was going to be done in the next fiscal year. The bookkeeper debited Cash and credited Revenue for $10,000

b. Zhoda Ltd. sold shares to investors for $200,000. The bookkeeper debited Cash and credited Revenue for $200,000.

c. Zhoda Ltd. purchased four computers for $10,000. The bookkeeper debited Computer Expense and credited Cash for $10,000.

d. Zhoda Ltd. paid a dividend to shareholders of $50,000. The bookkeeper debited Dividend Expense and credited Cash for $50,000.