Patel 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 $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570.
- The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
- A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Instructions
Prepare the correcting entries.
Solution
Patel Company
Correcting Journal Entries
Correcting Journal Entries
