The following errors took place in journalizing and posting transactions: a. Insurance of $18,000 paid for the
Question:
The following errors took place in journalizing and posting transactions:
a. Insurance of $18,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance.
b. A withdrawal of $10,000 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.
Journalize the entries to correct the errors. Omit explanations.
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Step by Step Answer:
aThe correction could be made with one or two entries as ...View the full answer
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Related Book For 
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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