The Following Errors Took Place in Journalizing and Posting Transactions

question 55

Essay

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

Appreciate the influence of knowledge, science, and technology on society.

Acknowledge the significance of gender, race, and class in understanding social inequalities and experiences.

Understand the evolving nature of sociological thought and its relevance to contemporary issues.

Understand the influence of capitalism on society as identified by key philosophers.

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Definitions:

General Population

The total group of individuals or the mainstream society from which a statistical sample can be drawn.

Personality Disorder

A type of mental disorder marked by rigid and unhealthy patterns of thinking, functioning, and behaving.

Neuroticism

A personality trait characterized by emotional instability, anxiety, moodiness, worry, and a tendency toward negative emotional states.

Extraversion

a personality trait that involves being outgoing, energetic, and sociable, and deriving energy from interactions with others.