The following errors took place in journalizing and posting transactions:a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.Journalize the entries to correct the errors. Omit explanations.
The following errors took place in journalizing and posting transactions:a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.Journalize the entries to correct the errors. Omit explanations.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 8E: Would the following errors cause the trial balance to have equal or unequal totals? As a result of...
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The following errors took place in journalizing and posting transactions:
a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b. A $1,760 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.
Journalize the entries to correct the errors. Omit explanations.
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