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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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