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Kogan 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 $840 to a creditor was debited to Accounts Payable S480 and credited to Cash $480. 2. The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. 3.

Kogan 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 $840 to a creditor was debited to Accounts Payable S480 and credited to Cash $480. 2. The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. 3.

FINANCIAL ACCOUNTING
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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Prepare the corrected entries from the attched file.

Kogan 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. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. 1. The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38. 2. A S500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. 3.
Transcribed Image Text:Kogan 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. A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. 1. The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38. 2. A S500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. 3.
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