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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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