Sheridan Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1. The purchase of supplies for $600 cash was debited to Equipment $310 and credited to Cash $310. 2. A $600 withdrawal of cash for B. Sheridan’s personal use was debited to Salaries and Wages Expense $880 and credited to Cash $880. 3. A payment on account of $760 to a creditor was debited to Accounts Payable $250 and credited to Cash $250. No. Account Titles and ExplanationDebitCredit1.2.3.

Journal entry refers to an entry that is made to record the transactions which are financial in…

Answered: Sheridan Company has an inexperienced…

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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Sheridan Company has an inexperienced accountant. During the first month on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.

1.		The purchase of supplies for $600 cash was debited to Equipment $310 and credited to Cash $310.
2.		A $600 withdrawal of cash for B. Sheridan’s personal use was debited to Salaries and Wages Expense $880 and credited to Cash $880.
3.		A payment on account of $760 to a creditor was debited to Accounts Payable $250 and credited to Cash $250.

No. Account Titles and Explanation
Debit
Credit
1.
2.
3.

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