Exercise 4-13 Sandhill 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 $620 to a creditor was debited to Accounts Payable $220 and credited to Cash $220. 2. The purchase of supplies on account for $600 was debited to Equipment $60 and credited to Accounts Payable $60. 3. A $900 withdrawal of cash for N. Sandhill's personal use was debited to Salaries and Wages Expense $900 and credited to Cash $900. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3.
Exercise 4-13 Sandhill 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 $620 to a creditor was debited to Accounts Payable $220 and credited to Cash $220. 2. The purchase of supplies on account for $600 was debited to Equipment $60 and credited to Accounts Payable $60. 3. A $900 withdrawal of cash for N. Sandhill's personal use was debited to Salaries and Wages Expense $900 and credited to Cash $900. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 4-13
Sandhill 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 $620 to a creditor was debited to Accounts Payable $220 and credited to Cash $220.
2.
The purchase of supplies on account for $600 was debited to Equipment $60 and credited to Accounts Payable $60.
3.
A $900 withdrawal of cash for N. Sandhill's personal use was debited to Salaries and Wages Expense $900 and credited to Cash $900.
Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation
Debit
Credit
1.
2.
3.
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