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Question - Oriole Company has an inexperienced accountant. During the first two weeks on the job, the accountant made the following errors in journalizing transactions. All incorrect entries were posted.
1. A payment on account of $700 to a creditor was debited $580 to Accounts Payable and credited $580 to Cash.
2. The purchase of supplies on account for $510 was not recorded.
3. A $310 withdrawal of cash for L. Oriole's personal use was debited $310 to Salaries Expense and credited $310 to Cash.
4. Received $700 cash from a customer on account. Cash was debited $700 and Service Revenue was credited $700.
5. A customer was billed $410 for services provided. Accounts Receivable was debited $410 and Unearned Revenue was credited $410.
Required - Prepare the correcting entries.
Use the Internet or the Strayer Online database to research career options within the accounting field and accounting job postings in your local area to respond to the questions in the assignment.
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