Prepare a correcting entry (or entries), with explanations, for each of the following accounting errors a Debited Supplies and credited Accounts Payable for a $9,000 purchase of office equipment on account b Accrued interest revenue of $3,000 by a debit to Accounts Receivable and a credit to Intere...

Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT a Office Equipment 9000 Supplies ...

Prepare a correcting entry (or entries), with explanations, for each of the following accounting errors: a. Debited

Question:

Prepare a correcting entry (or entries), with explanations, for each of the following accounting errors:
a. Debited Supplies and credited for a $9,000 purchase of office equipment on account.
b. Accrued interest revenue of $3,000 by a debit to and a credit to Interest Revenue.
c. Adjusted prepaid rent by debiting Prepaid Rent and crediting Rent Expense for $4,000. This adjusting entry should have debited Rent Expense and credited Prepaid Rent for $4,000.
d. Debited Salary Expense and credited to accrue salary expense of $12,000.
e. Recorded the earning of $7,800 service revenue collected in advance by debiting and crediting Service Revenue.
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... 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...