On May 3, it was discovered that the following errors took place in journalizing and posting transactions: a. Insurance of $16,000 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. A withdrawal of $9,600 by Brian Phillips, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries on May 3 to correct the errors. Use two entries to correct the error described in a. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles. Journalize the entries on May 3 to correct the errors. Use two entries to correct the error described in a. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.
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On May 3, it was discovered that the following errors took place in journalizing and posting transac...
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