Journalize the entries to correct the errors. Omit explanations. The following errors took place in journalizing and
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The following errors took place in journalizing and posting transactions:
a. The purchase of supplies of $2,690 on account was recorded as a debit to Office Equipment and a credit to Supplies.
b. The receipt of $3,750 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned.
Journalize the entries to correct the errors. Omit explanations.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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