Question: T he following errors took place in journalizing and posting transactions: Insurance of $12,000 paid for the current year was recorded as a debit to

T The following errors took place in journalizing and posting transactions: Insurance of he following errors took place in journalizing and posting transactions:

Insurance of $12,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. Note: Prepare the entry to reverse the original entry first.
Dividends of $8,000 were recorded as a debit to Wages Expense and a credit to Cash.

Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.

Entries to correct errors The following errors took place in journalizing and posting transactions: a. Insurance of $12,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. Note: Prepare the entry to reverse the original entry first. b. Dividends of $8,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. a. b

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