The following errors took place in journalizing and posting transactions:a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.b. A withdrawal of $10,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.Journalize the entries to correct the errors. Omit explanations.

The following errors took place in journalizing and posting transactions:a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.b. A withdrawal of $10,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.Journalize the entries to correct the errors. Omit explanations.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 8SEA: FINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams...

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The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. Omit explanations. If an amount box does not require an entry, leave it blank. a. The receipt of $3,770 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. Cash fill in the blank e51d80faffd4fcb_2 fill in the blank e51d80faffd4fcb_3 Accounts Receivable fill in the blank e51d80faffd4fcb_5 fill in the blank e51d80faffd4fcb_6 b. The purchase of supplies of $1,130 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first. fill in the blank 1fd73cf5b00afb5_2 fill in the blank 1fd73cf5b00afb5_3 fill in the blank 1fd73cf5b00afb5_5 fill in the blank 1fd73cf5b00afb5_6 Supplies fill in the blank 1fd73cf5b00afb5_8 fill in the blank 1fd73cf5b00afb5_9 Accounts Payable fill in the blank…
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