Question

Journalize the entries to correct the following errors: a. A purchase of supplies for $248 on account was recorded and posted as a debit to Supplies for $515 and as a credit to Accounts Receivable for $515. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. Accounts Receivable b. A receipt of $4,044 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,044 and a credit to Cash for $4,044. If an amount box does not require an entry, leave it blank.

Answer 1

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att A. Entry Done in Books of Accounts (WRONG Entry). Supplies DR SIS Accounts Receivable sis Right Entoy would be done Purchases, supplies $ 248 Accounts Payable $ 248 Rectified Entry - Accounts Receivable DR. $ 515 Accounts Payable $ 248 Supplies $ 267 B- Entoy Done in Books of Accounts (WRONG Entry fee farned DR & Yoyu Cash $ Holy Right Entry would be done cash DR & youu fee earned / Revenue & youy Rectified Entry Cash DR. fee fermed / Revenue $ 8088 $ 8088. THANK YOU! CS Scanned with CamScanner