Culver 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 $730 to a creditor was debited to Accounts Payable $370 and credited to Cash $370. 2. 3. The purchase of supplies on account for $760 was debited to Equipment $76 and credited to Accounts Payable $76. A $300 cash dividend was debited to Salaries and Wages Expense $300 and credited to Cash $300. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Culver 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 $730 to a creditor was debited to Accounts Payable $370 and credited to Cash $370. 2. 3. The purchase of supplies on account for $760 was debited to Equipment $76 and credited to Accounts Payable $76. A $300 cash dividend was debited to Salaries and Wages Expense $300 and credited to Cash $300. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Culver 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 $730 to a creditor was debited to Accounts Payable $370 and credited to Cash $370.
2.
The purchase of supplies on account for $760 was debited to Equipment $76 and credited to Accounts Payable $76.
3.
A $300 cash dividend was debited to Salaries and Wages Expense $300 and credited to Cash $300.
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
1.
2.
3.
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F75e0e855-331f-4806-aa93-4d502237b14c%2F51f2f959-03db-4b78-9ff8-08dee535a60d%2Fn6cgn4_processed.png&w=3840&q=75)
Transcribed Image Text:Culver 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 $730 to a creditor was debited to Accounts Payable $370 and credited to Cash $370.
2.
The purchase of supplies on account for $760 was debited to Equipment $76 and credited to Accounts Payable $76.
3.
A $300 cash dividend was debited to Salaries and Wages Expense $300 and credited to Cash $300.
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
1.
2.
3.
Account Titles and Explanation
Debit
Credit
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