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Correcting Journal Entry for Misposted Legal Fees Expense and Dividends
accounting journal entry correcting entry legal fees dividends debit credit
A payment of $400 for Legal Fees expense was incorrectly debited to Dividends.The correcting entry in the General Journal would be O Debit (DR): Legal Fees expense $400 & Credit (CR): Retained earnings $400O Debit (DR): Dividends $400 & Credit (CR): Legal Fees expense $400 O Debit (DR): Retained earnings $400 & Credit (CR): Legal Fees expense $400 O Debit (DR): Cash $400 & Credit (CR): Retained earnings $400O Debit (DR): Legal Fees expense $400 & Credit (CR): Cash $400

The correcting entry in the General Journal for the error of debiting $400 to Dividends instead of crediting it to Legal Fees expense would be:

O Debit (DR): Dividends $400 & Credit (CR): Legal Fees expense $400

This entry corrects the original mistake by reducing the Dividends account (an expense) and increasing the Legal Fees expense account (an asset).

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