Journal Entry for Asset Purchase Prepare a journal entry for the purchase of office supplies on November 2 for $2,300, paying $415 cash and the remainder on account. If an amount box does not require an entry, leave it blank. Nov. 2 Accounts Payable Accounts Receivable Notes Receivable Office Equipment Office Equipment Expense 000 Entries to Correct Errors The following errors took place in journalizing and posting transactions: a. Insurance of $21,300 paid for the current year was recorded as a debit to Insurance Expense and a credit to Prepaid Insurance. b. Dividends of $16,000 were recorded as a debit to Wages Expense and a credit to Cash. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. a. Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box. a. The payment of cash for the purchase of office equipment of $11,500 was debited to Land for $11,500 and credited to Cash for $11,500. by $ b. The payment of $2,320 on account was debited to Accounts Payable for for $190 and credited to Cash for $2,320. by $ c. The receipt of cash on account of $2,400 was recorded as a debit to Cash for $8,700 and a credit to Accounts Receivable for $2,400. by $ The credit total is higher The debit total is higher The debit and credit totals would be equal Account Balances a. During February, $88,530 was paid to creditors on account, and purchases on account were $113,320. Assuming the February 28 balance of Accounts Payable was $38,070, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $45,000. During October, $391,500 was collected from customers on account. Assuming the October 31 balance was $51,700, determine the fees billed to customers on account during October. c. On April 1, the cash account balance was $19,550. During April, cash receipts totaled $297,160 and the April 30 balance was $14,080. Determine the cash payments made during April