PLUS Open Assignment RESOURCES Exercise 204 Prepare the necessary correcting ent

Question

PLUS Open Assignment RESOURCES Exercise 204 Prepare the necessary correcting entry for each of the following. (Credit account titles are automatically indented when amount is entered. Do not indent man a. A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530 b. The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable s310. No. Account Titles and Explanation Debit Credit lts by Study b. Question Attempts: 0 of All Rights Reserved. A Division of John Wiley &Sons.In; Type here to search

Explanation / Answer

No Accounts title debit credit a Accounts receivable (530-350) 180 Cash 180 (To record the correct entry in cash account and Accounts receivable) b) inventory/supplies 310 Equipment 310 (To record correcting entry in inventory Account)

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