Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made. 1. A payment on account of $750 to a creditor was debited to Accounts Payable $570 and credited to Cash $570.2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.3. A $500 withdrawal of cash for N. Patel's personal use was debited to Salaries and Wages Expense $500 and credited to Cash $500.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
From where do we get our own identity card?
Answers (1)
What are the requirements going to college after high school?
Answers (2)
What advice would you give a friend who would like to become an editor in the advertising and promotions industry?
Answers (1)
Sara has just graduated from college. she has determined that to purchase a home in 11 years she needs to accumulate $45,800 for a down payment.
Answers (1)
The Unearned Revenue account of College Incorporated began 2018 with a normal balance of $7,000 and ended 2018 with a normal balance of $12,000. During 2018, the Unearned Revenue account was credited for $29,000 that College will earn later.
Answers (1)
New Questions in Business
An oligopolistic market structure is distinguished by several characteristics, one of which is a difficult entry. Which of the following are other characteristics of this market structure? Check all that apply. a. Market control by many small firms.
Answers (1)
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)