Sam Perroni, owner of Perronis Harbor Cruise, found the following errors that his bookkeeper made after the

Question:

Sam Perroni, owner of Perroni’s Harbor Cruise, found the following errors that his bookkeeper made after the transactions had been journalized and posted. Prepare the correcting entries.
1. A collection on account from a customer for $1,280 was recorded as a debit to of $1,280 and a credit to Service Revenue of $1,280.
2. The purchase of supplies for the boats on account for $3,570 was recorded as a debit to Supplies of $3,750 and credit to of $3,750.

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...