Solution-Find and correct the errors by reversing the

Find and correct the errors by reversing the incorrect entry

Assignment Help Accounting Basics

Reference no: EM132685307

Pronghorn Company discovered the following errors made in January 2022.

1 A payment of Salaries and Wages Expense of $900 was debited to Equipment and credited to Cash, both for $900.

2. A collection of $3,500 from a client on account was debited to Cash $350 and credited to Service Revenue $350.

3. The purchase of equipment on account for $720 was debited to Equipment $270 and credited to Accounts Payable $270.

Problem (a) Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM132685307

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Find and correct the errors by reversing the incorrect entry

Reference no: EM132685307

Reference no: EM132685307

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