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E4-13 Kogan Company has an inexperienced accountant

Price: $1.99


E4-13 Kogan 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 $840 to a creditor was debited to Accounts Payable $480 and
credited to Cash $480.

2. The purchase of supplies on account for $380 was debited to Equipment $38 and credited
to Accounts Payable $38.

3. A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to
Cash $500.

Instructions
Prepare the correcting entries.

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