On March 8, Black Candy Company bought supplies on account from the Arcade Fire Company for $550. Black Candy Company incorrectly debited Equipment for $500 and credited Accounts Payable for $500. The entries have been posted to the ledger. the correcting entry should be:

Answer

		Supplies................................................................................... 550 Accounts Payable................................................................ 550
		Supplies................................................................................... 550 Accounts Payable................................................................ 500 Equipment.......................................................................... 50
		Supplies................................................................................... 550 Equipment.......................................................................... 550
		Supplies................................................................................... 550 Equipment.......................................................................... 500 Accounts Payable................................................................ 50