At Rafeul Company, the following errors were discovered after the transactions had been journalized and posted. Prepare

Question:

At Rafeul Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.
1. A collection on account from a customer for $690 was recorded as a debit to Cash $690 and a credit to Service Revenue $690.
2. The purchase of store supplies on account for $1,580 was recorded as a debit to Supplies $1,850 and a credit to $1,850.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...