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:

Murdered

The act of unlawfully killing another human being with premeditation, intent, or reckless disregard for life.

Guns

Firearms or weapons designed to discharge projectiles (bullets, shot, shells) at high speed, used for hunting, sport, self-defense, or military purposes.

United States

A country in North America consisting of 50 states, a federal district, and various territories, known for its diverse geography and population.

Economic Activity

The production, distribution, and consumption of goods and services within an economy.