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. |
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A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480. |
| 2. |
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The purchase of supplies on account for $380 was debited to Equipment $38 and credited to Accounts Payable $38. |
| 3. |
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A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500. |