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Answer:
<u>Journal 1</u>
Debit : Prepaid Expense $37,600
Credit : Cash $18,800
Credit : Insurance Expense $18,800
<u>Journal 2</u>
Debit : Dividends $18,000
Credit : Wages $18,000
Explanation:
Journal 1
The first error has to be corrected by debiting the Prepaid Expenses by twice the amount paid to cancel the effect of a credit entry made to that account. Cash is credited to show the correct credit entry that was supposed to be made. Insurance expense is credited to cancel the debit entry made to this account in error.
Journal 2
The error made is called error of principle. This is were the transaction is recorded in the wrong class of accounts. Simply, Debit the Dividends and credit the Wages Account to record and reverse the error out of the Wages Account into the Dividends Account.
In a process cost system, the application of factory overhead usually is recorded as an increase in work in process inventory control.
<h3>
What is the process costing system?</h3>
- When a large number of similar products are manufactured, a process costing system accumulates costs.
- A process costing method is used by any large-scale firm who produces huge quantities of identical commodities.
- A petroleum refinery is a perfect example of a process costing environment since it is hard to trace the cost of a specific unit of oil as it passes through the refinery.
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