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Adjusting Entries for Kogan Company

E4-9 Kogan 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 $830 to a creditor was debited to Accounts Payable $380 and credited
to Cash $380.
2. The purchase of supplies on account for $560 was debited to Equipment $56 and credited
to Accounts Payable $56.
3. A $400 cash dividend was debited to Salaries Expense $400 and credited to Cash $400.
Instructions
Prepare the correcting entries.

Solution Preview

1. A payment on account of $830 to a creditor was debited to Accounts Payable $380 and credited
to Cash $380.

Debit Credit
Accounts payable Dr. 450

Cash 450

( The entry is rectified ...

Solution Summary

The solution creates the adjusting entries for Kogan Company.

$2.19