Question: The following errors took place in journalizing and posting transactions: a. A withdrawal of $15,000 by Gerald Owen, owner of the business, was recorded as

The following errors took place in journalizing and posting transactions:

a. A withdrawal of $15,000 by Gerald Owen, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.

b. Rent of $4,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.

Journalize the entries to correct the errors. Omit explanations.


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