Patel Company has an inexperienced accountant During the first 2
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.
1. A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570.
2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.
3. 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.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help