The following errors took place in journalizing and posting transactions: A. A withdrawal of $5,000 by Tiger Paw, owner of the business, was recorded as a debit to Office Expense and a credit to cash. B. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.

The following errors took place in journalizing and posting transactions: A. A withdrawal of $5,000 by Tiger Paw, owner of the business, was recorded as a debit to Office Expense and a credit to cash. B. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.

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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