Smith Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the records for the year, you discover the following error On May 1, Smith Company purchased Supplies on account, $610. The bookkeeper recorded this by debiting Supplies Expense for $160 and crediting Cash for $160. Note: Assume that it is the company's policy to record the purchase of supplies in the Supplies account. Required: Prepare a correcting entry on December 26. Make sure to enter the day for each separate transaction Date Account Title Debit Credit Continue The following adjusting entries were journalized on December 31, 9. If a reversing entry is needed, journalize the reversing entry on January 1, 10. Make sure to enter the day for each separate transaction Date Account Title Debit Credit 31 interest Receivable 1,200 Interest Revenue 1,200 31 Interest Expense 800 Interest Payable 31 Deferred Rent Revenue 1,550 Rent Revenue 1.550 Debit Smith Company has employed a bookkeeper who is inexperienced. On December 26, after reviewing the records for the year, you discover the following error On May 1, Smith Company purchased Supplies on account, $610. The bookkeeper recorded this by debiting Supplies Expense for $160 and crediting Cash for $160. Note: Assume that it is the company's policy to record the purchase of supplies in the Supplies account. Required: Prepare a correcting entry on December 26. Make sure to enter the day for each separate transaction Date Account Title Debit Credit Continue The following adjusting entries were journalized on December 31, 9. If a reversing entry is needed, journalize the reversing entry on January 1, 10. Make sure to enter the day for each separate transaction Date Account Title Debit Credit 31 interest Receivable 1,200 Interest Revenue 1,200 31 Interest Expense 800 Interest Payable 31 Deferred Rent Revenue 1,550 Rent Revenue 1.550 Debit