ACCOUNTING CYCLE Correcting entries Wood Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the records for the year, you discover the following error, On July 31, Wood Company paid a supplier $190 on account. The bookkeeper recorded this by debiting Supplies $910 and crediting Accounts Payable for $910. Required: Prepare a correcting entry on December 26. Make sure to enter the day for each separate transaction. Date Account Title Debit Credit 5