Question: Assuming that all entries have been posted, prepare correcting entries for each of the following errors. 1. The following entry was made to record the

Assuming that all entries have been posted, prepare correcting entries for each of the following errors.

1. The following entry was made to record the purchase of $400 in equipment on account:

Supplies 142 400

Cash 101 400

2. The following entry was made to record the payment of $200 for advertising:

Repair Expense 537 200

Cash 101 200

3. The following entry was made to record a $600 payment to a supplier on account:

Prepaid Insurance 145 400

Cash 101 400

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