The Following Errors Took Place in Journalizing and Posting Transactions

question 87

Essay

The following errors took place in journalizing and posting transactions:
a.
Dividends were recorded as a debit to Office Expense and a credit to Cash.
b.
Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned.
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Journalize the entries to correct the errors. Omit the explanations.

Understand the concept of foreign exchange rates and how to calculate the value of one currency in terms of another.

Analyze the impact of changes in exchange rates on the trade balance and trade surplus or deficit.

Comprehend the relationship between exchange rates and the demand for imports and exports.

Identify factors that lead to currency appreciation or depreciation.

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Definitions:

Coronary Heart Disease

A condition characterized by reduced blood flow to the heart muscle due to the build-up of plaque in the coronary arteries, leading to heart attacks and chest pain.

Smokers

Individuals who habitually smoke tobacco, typically in the form of cigarettes, cigars, or pipes.

Age-Adjusted Death Rates

A statistical measure that allows comparison of mortality rates among different populations by removing the effects of age differences.

Attributable Risk

The difference in the rate of a condition between an exposed population and an unexposed population, which can be attributed to the exposure.