a. Rent of $13,550 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.
b. A withdrawal of $14,000 by Ron Sutin, 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.
Answer:
a. Prepaid Rent 13,550 Cash 13,550 b. Ron Sutin, Drawing 14,000 Wages Expense 14,000