Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $4,410 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $710 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $4,410 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $710 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
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