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Flounder Company discovered the following errors made in January 2022. 1. A payment of Salaries...

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Accounting

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Flounder Company discovered the following errors made in January 2022. 1. A payment of Salaries and Wages Expense of $800 was debited to Equipment and credited to Cash, both for $800. 2. A collection of $3,500 from a client on account was debited to Cash $350 and credited to Service Revenue $350. 3. The purchase of equipment on account for $520 was debited to Equipment $250 and credited to Accounts Payable $250. Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Salaries and Wages Expense Cash (To record the correct entry) 2. Service Revenue 350 Cash (To reverse the incorrect entry) Cash Accounts Receivable (To record the correct entry) 3. Accounts Payable 250 Equipment (To reverse the incorrect entry) (To reverse the incorrect entry) (To record the correct entry) Correct the errors without reversing the incorrect entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Correct the errors without reversing the incorrect entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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