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:

Behavior

The actions or reactions of individuals or groups in response to external or internal stimuli.

Organizational Politics

The use of power and social networking within an organization to achieve changes that benefit individuals or groups.

Personal Interests

Individual hobbies, desires, or activities that a person is passionate about or enjoys in their personal time.

Countervailing Power

A concept where power in a market or industry is distributed in such a way that no single entity can dominate decisions or outcomes, effectively balancing the power dynamics.