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Problem - Entries to correct errors

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Problem - Entries to correct errors

The following errors took place in journalizing and posting transactions:

a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.

b. A withdrawal of $7,500 by Trent Benedict, owner of the business, was recorded as a debit to Wages Expense and a credit to Cash.

Journalize the entries to correct the errors. Omit explanations.

Reference no: EM132875078

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