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 \($500\) cash dividend was debited to Salaries and Wages Expense \($500\) and credited to Cash \($500\).

Instructions

Prepare the correcting entries.

Prepare a classified statement of financial position.