Pina Colada Company has an inexperienced accountant. During the first months on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. 2. 3. The purchase of supplies for $660 cash was debited to Equipment $210 and credited to Cash $210. A $510 dividend was debited to Salaries and Wages Expense $920 and credited to Cash $920. A payment on account of $920 to a creditor was debited to Accounts Payable $290 and credited to Cash $290.
Pina Colada Company has an inexperienced accountant. During the first months on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. 2. 3. The purchase of supplies for $660 cash was debited to Equipment $210 and credited to Cash $210. A $510 dividend was debited to Salaries and Wages Expense $920 and credited to Cash $920. A payment on account of $920 to a creditor was debited to Accounts Payable $290 and credited to Cash $290.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter3: The General Journal And The General Ledger
Section: Chapter Questions
Problem 6E: The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked...
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