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Book Calculator Show Me How Entries to correct errors Instructions Chart of Accounts Journal Instructions The following errors took place in journalizing and posting transactions: a. Cash of $8,800 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,500 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Journalize the entries to correct the errors. Use two transactions to correct the error described in b. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable EXPENSES 13 Supplies 51 Advertising Expense 14 Prepaid Rent 52 Automobile Expense 15 Land 53 Insurance Expense 16 Office Equipment 54 Rent Expense 17 Automobiles 55 Salaries Expense 56 Supplies Expense LIABILITIES 21 Accounts Payable 57 Utilities Expense 22 Salaries Payable 58 Miscellaneous Expense 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends Journal Journalize the entries on December 31 to correct the errors. Use two transactions to correct the error described in b. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION POST, REF LIABILITIES DATE DESCRIPTION DEBIT CREDIT ASSETS EQUITY 1 4 5 7