Question
A business hired an inexperienced accountant. During the first two weeks on the job, the accountant made the following mistake while making journal entries. For
A business hired an inexperienced accountant. During the first two weeks on the job, the accountant made the following mistake while making journal entries. For the purchase of equipment on account for $950, Supplies was debited $590, and Accounts Payable was credited $590. What correcting entry is needed to fix this error? Select one: a. Debit Equipment, $950, Credit Accounts Payable, $590, Credit Supplies, $360 b. Debit Accounts Payable, $590, Debit Supplies, $360, Credit Equipment, $950. c. Debit Equipment, $950, Credit Supplies, $590, Credit Accounts Payable, $360. O d. Debit Equipment, $950, Credit Accounts Payable $950
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