ASSETS CHART OF ACCOUNTS Chapter 04 General Ledger 101 Cash 122 Accounts Receivable 131 Inventory 142 Supplies 145 Prepaid Insurance 181 Equipment LIABILITIES 201 Notes Payable REVENUE 401 Appraisal Fees EXPENSES 505 Cost of Goods Sold 511 Wages Expense 512 Advertising Expense 521 Rent Expense 525 Phone Expense 526 Transportation Expense 202 Accounts Payable 204 Income Tax Payable EQUITY 311 Common Stock 331 Retained Earnings. 532 Bad Debt Expense 533 Utilities Expense 535 Insurance Expense 537 Repair Expense 540 Depreciation Expense 549 Miscellaneous Expense 551 Interest Expense 555 Income Tax Expense Prepare correcting entries for each of the following transactions: 1. To correct the purchase of $400 in equipment on account on December 31 2. To correct the payment of $200 for advertising on December 31 3. To correct a $600 payment to a supplier on account on December 31. General Journal Instructions PARRAL 1 an + DATE GENERAL JOURNAL ACCOUNT TITLE POST. REF DEBIT CREDIT Previous Assuming that all entries have been posted, prepare correcting entries for each of the following errors 1 The following entry was made to record the purchase of $400 in equipment on account DATE Dec 31 Supplies Cash GENERAL JOURNAL ACCOUNT TITLE POST REF 142 101 DEBIT 400.00 PAGE 1 CREDIT 400.00