BE 4-9 BE4.9. Prepare correcting entries. LO 3) At Raymond Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,150 and a credit to Accounts Payable $1,150