Asked by Allie Walker on May 09, 2024
Verified
Prepare the necessary correcting entry for each of the following.
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 $310.
Correcting Entry
A journal entry made to amend a previously recorded incorrect transaction in the financial records.
Accounts Receivable
Refers to the money owed to a company by its customers for goods or services sold on credit.
Accounts Payable
Money owed by a company to its suppliers or creditors for goods or services received but not yet paid for.
- Identify and correct common errors in accounting records and adjusting entries.
Verified Answer
LS
Logan StolbergMay 14, 2024
Final Answer :
a.
Accounts Receivable 180 Cash180\begin{array}{lrr} \text { Accounts Receivable } &180\\ \text { Cash} &&180\\\end{array} Accounts Receivable Cash180180
b.
Supplies310 Equipment 310\begin{array}{lrr} \text { Supplies} &310\\ \text { Equipment } & &310\\ \end{array} Supplies Equipment 310310
Accounts Receivable 180 Cash180\begin{array}{lrr} \text { Accounts Receivable } &180\\ \text { Cash} &&180\\\end{array} Accounts Receivable Cash180180
b.
Supplies310 Equipment 310\begin{array}{lrr} \text { Supplies} &310\\ \text { Equipment } & &310\\ \end{array} Supplies Equipment 310310
Learning Objectives
- Identify and correct common errors in accounting records and adjusting entries.