The following errors took place in journalizing and posting transactions:
a.
A withdrawal of $5,000 by Stan Norton, owner of the business, was recorded as a debit to Office Expense and a credit to Cash.
b.
An accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.

Journalize the entries to correct the errors. Omit the explanations.

Question

The following errors took place in journalizing and posting transactions:
a.
A withdrawal of $5,000 by Stan Norton, owner of the business, was recorded as a debit to Office Expense and a credit to Cash.
b.
An accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.
​
Journalize the entries to correct the errors. Omit the explanations.

Quizplus · Accepted Answer

The Answer of The following errors took place in journalizing and posting transactions:
a.
A withdrawal of $5,000 by Stan Norton, owner of the business, was recorded as a debit to Office Expense and a credit to Cash.
b.
An accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.
​
Journalize the entries to correct the errors. Omit the explanations.

The Following Errors Took Place in Journalizing and Posting Transactions