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Prepare the necessary correcting entry for each of the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a.
Prepare the necessary correcting entry for each of the following. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
a. | A collection on account of $350 from a customer was credited to Accounts Receivable $530 and debited to Cash $530. | |
b. | The purchase of supplies on account for $310 was recorded as a debit to Equipment $310 and a credit to Accounts Payable $310. |
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