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Marigold Company discovered the following errors made in January 2019
- Marigold Company discovered the following errors made in January 2019. 1. 2. A payment of Salaries and Wages Expense of $490 was debited to Equipment and credited to Cash, both for $490. A collection of $5,800 from a client on account was debited to Cash $580 and credited to Service Revenue $580. The purchase of equipment on account for $800 was debited to Equipment $270 and credited to Accounts Payable $270. 3. Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically i No. Account Titles and Explanation Debit Credit 1. (To reverse the incorrect entry) (To record the correct entry) 2. (To reverse the incorrect entry) (To record the correct entry) 3. (To reverse the incorrect entry) (To record the correct entry) Correct the errors without reversing the incorrect entry. (Credit account titles are autom. No. Account Titles and Explanation Debit Credit 1. 2. 3.
- Flounder 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. 1. 2. A payment on account of $680 to a creditor was debited to Accounts Payable $290 and credited to Cash $290. The purchase of supplies on account for $800 was debited to Equipment $80 and credited to Accounts Payable $80. A $600 cash dividend was debited to Salaries and Wages Expense $600 and credited to Cash $600. 3. Prepare the correcting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3.
Expert Solution
1.please see the attached file.1 answer file.
2.
1. The entry is passed correctly. But the amount is wrong. So pass again the same entry with the difference amount.
That amount is 680 - 290 = 390 $
2. Supplies need to be debited. But equipment is debited. So credit the equipment and debit the supplies account. Accounts payable is correctly credited but with incorrect amount. So additional credit has to be 800 - 80 = 720 $ for accounts payable
3. Dividend account is to be debited. But salaries and wages expense is debited. So credit the salaries and wages expense and debit the dividend account. Credit entries are passed correctly.
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