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.

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Definitions:

Agriculture

The science, art, and practice of cultivating plants and livestock.

Legislators

Elected officials responsible for making or amending laws within a government.

Food, Conservation, And Energy Act

A comprehensive farm bill that covers policies affecting food production, conservation measures, and energy consumption.

Wheat

A cereal grain that is a worldwide staple food, used for making products like bread, pasta, and pastry.