Capp Company purchased supplies of $120 on account The accountant debited Inventory and credited Accounts Payable for $120 A week later, after this entry has been posted to the ledger, the accountant discovers the error Describe two ways the accountant can correct the error ...

The accountant should make the fo ...

Capp Company purchased supplies of $120 on account. The accountant debited Inventory and credited Accounts Payable for

Question:

Capp Company purchased supplies of $120 on account. The accountant debited Inventory and credited for $120. A week later, after this entry has been posted to the ledger, the accountant discovers the error. Describe two ways the accountant can correct the error.
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...